There are several options when it comes to transferring ownership of real estate or your interest therein. Most commonly, people choose to transfer the property to their family or loved ones. The two most common methods to do this are a Quit Claim Deed and a Transfer on Death Deed.

quit claim deed (QCD)

A QCD allows you to transfer property to someone without going through a traditional real estate sale. First, the grantor disclaims all interest (or claim) to the property, and second, that interest is conveyed to a grantee. Using a QCD, the grantor’s interest is disclaimed as soon as they document is filed, which is slightly different from a Transfer on Death Deed. This has specific benefits and consequences that should be considered before utilizing a QCD. Some people choose to draft a QCD but not file it until the property owner passes away. It’s also worth noting that a QCD can be revoked after it is filed, but all parties must agree and sign documentation saying so.

transfer on death deed (TODD)

The TODD is a relatively new option for transferring real estate. This document allows you to specify a person or multiple people who you wish to transfer the property to upon your death. You can also specify if you want them to be tenants in common or joint tenants. Upon the date of your death, or the date of the death of the surviving spouse in the case of couples, you convey and quitclaim the property described within the TODD. This means that the document can be filed at any time and the property will remain in your name until your death - a large difference from the QCD. One advantage of a TODD is that it can be revoked at any time and without permission from anyone else.