2007-05-24 09:18:18 · 10 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Well that depends on where you live.
In the US, it basically works like this, you sign the quit claim deed as do they and then file it in the appropriate county office (ie the regiter of deeds in most places). Most places require notarization of any documents relating to the transfer of land ownership.
However, you must also know that if this property is mortgaged or has a lien, this WILL NOT absolve you of your obligaton. It also does not transfer that obligation to the new owner.
2007-05-24 09:20:49 · answer #1 · answered by Melli 6 · 1⤊ 0⤋
Are you transferring a whole property (which you acquired under a separate deed), or are you subdividing? If you are subdividing a piece of land that you own, you may have to get a subdivision plan recorded.
It is interesting that you are going to quitclaim the property rather than give a special or general warranty deed for it. Is there a problem with the title?
In some states, there will be a realty transfer tax. In Pennsylvania, however, transfers to certain family members may be exempt from the payment of realty transfer taxes. However, you are required to file an "affidavit of value" with the deed when it is recorded.
Is the property subject to a mortgage? Is the transfer subject to an existing mortgage, or are you going to pay off a mortgage? Sometimes mortgagees have a "due on transfer" clause in the mortgage documents which would require a payoff of the mortgage.
If the property has a substantial value (in excess of $12,000), you may be required to file a Federal Gift Tax Return (Form 709). This is another item to bring up with your attorney. In all likelihood, there would be no tax due at the time of transfer, but the return should be filed.
2007-05-24 16:50:45 · answer #2 · answered by Mark 7 · 0⤊ 0⤋
A quitclaim conveys any interest real or otherwise in a property. Laws very from state to state; you can treat it as a full purchace with a title search and insurance and a full closing or just draw up a legal deed (Some states require an atty to do so) and record it. Clerk's office can tell you about costs for recording and recording requirments.
2007-05-24 16:23:44 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
I don't know where you live, but I can give you a quick heads up. Consider an "Inter-family Transfer Deed" or equivalent. In some places that might keep the Tax Assessor out of a reevaluation of your property value.
The best thing to do, actually, is to call a Title Company. Start at customer service and ask for the procedure in a personal transfer of ownership. Ask how to keep the assessor away.
2007-05-24 16:23:45 · answer #4 · answered by Mark M 3 · 0⤊ 0⤋
I quitclaimed my house to my mother. If it is a sibling or parent. I paid about $69 but I can't remember what it was for. This was in Nevada.
2007-05-24 16:28:02 · answer #5 · answered by skycat 5 · 0⤊ 0⤋
Depends on where you live. A title search should be performed, and the Quit Claim needs to be signed, witnessed , and notarized, before going to recording. I would check with the courthouse/town clerks office where you live, and/or an attorney.
2007-05-24 16:21:46 · answer #6 · answered by Missy 4 · 0⤊ 1⤋
according to what state you live in, some states allow you to create your own deed and sign it in front of a notary. Still better to check with an attorney to make sure it is done properly.
2007-05-24 16:22:41 · answer #7 · answered by Antiliber 6 · 0⤊ 1⤋
What state are you in? How many real estate lawyers from your state are on here today?
2007-05-24 16:20:16 · answer #8 · answered by Anonymous · 0⤊ 1⤋
go to the bank where your mortgage is held, they can help you. or call the local court house...they can help you also.
2007-05-24 16:20:25 · answer #9 · answered by wifeymommy 4 · 0⤊ 2⤋
it really depends on your state...
2007-05-24 16:20:51 · answer #10 · answered by ♥NF♥N♥TY 3 · 0⤊ 1⤋