What consideration should I list on a quitclaim deed?
Question Details: My brother and I recently inherited the family home from my mother 50 each. I don't have any interest in the home since my brother has lived there almost all his life. I would like to remove my name from the inherited deed and just let my brother have the whole thing. I was told I needed to fill out a quitclaim deed form which I am doing but I'm wondering what I should list for consideration? I don't want any money from my brother for this. Do I just list 0?
Why don't you have your brother at least state in writing that he will waive any claims he might have arising from the property (e.g. he can't after the fact claim that you owe him for some costs incurred in regards to the home) and that he will "indemnify and hold you harmless" from any claims that 3rd parties (other people) might have in regards to the home--i.e. if someone tries to sue claiming they were owed money in connection with the home or were injured at it, your brother will deal with the lawsuit and pay any amounts found to be owed? That seems reasonable in exchange for him getting the property--he gets the property, so he gets any claims--and you can list that, the waiver and the indeminification, as the consideration. Morevoer, that is legally good consideration: a court would conclude that this was adequate consideration. And it helps fully disentangle you from the property.