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If you convey a property by Quit Claim Deed, the Owners Title Insurance protection may disappear. Some purchasers/owners like to convey their properties to their own corporations, LLCs, trusts, spouses, or other parties for liability purposes or estate planning.If a Quit Claim Deed is used, there are no guarantees or warranties that the title is clear.
An Owners Title Policy protects the Insured listed in the policy, and unless the Insured is still an owner, the policy could expire.However, if the Insured is the sole owner or beneficiary of the (new owner) corporation or trust, the policy might stay in force, but claims are still more difficult to make and recover on. Each claim could be challenged, and many could be rejected.
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If the Insured deeds 100% of the property (by quit claim) to another person or a less-than-100% related corporation or trust, the original Owners Title Policy does not provide any protection or recourse for the new owner, even if it is a spouse!
Suggestion: Use a Warranty Deed instead.
In a Warranty Deed, the grantor warrants good title to the grantee, so if there is a title problem later, the grantee has recourse against the grantor, who can then rely on the original Owners Title policy for protection and support.
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Posted in Real Estate Post Date 01/31/2017