For their correct use, they are a terrific means of clearing title issues; but used improperly they can trigger unintended Federal capital gains taxes, Federal gift taxes and have an impact on Federal estate taxes.   Who wants to deal with an IRS levy on your home or assets?

Before we will prepare a quit claim deed for you, or any deed for that matter, we will ask you several questions to make sure you understand the consequences of your actions.  A quit claim deed can result in the loss of your homestead tax exemption and result in a revaluation for county tax purposes meaning higher taxes.  A quit claim deed can trigger a documentary stamp tax under Florida law and an action from the State of Florida to collect the tax, interest and penalties from you.  A quit claim deed can cause the Due on Sale provisions of your mortgage to be triggered, meaning the favorable interest rate you may be enjoying on your mortgage may be lost, or worse, trigger a foreclosure action.  A quit claim deed can cause disqualification for Federal Medicaid purposes.

As you can see, a quit claim deed can have serious consequences.  Unless you are a real estate law or Federal and State tax law expert, you should be careful what you wish for.