– Getting Started & Next Steps
The quitclaim deed is commonly used to transfer property among family members. There are instances when you require to add the name of your spouse to the title of your property. This will be possible by simply using a quitclaim deed which will transfer the title of the property to your spouse. Parents can also transfer their property to their children by using the quitclaim deed. You will not require so much whenever you want to transfer property to your children all you need is to use a quitclaim deed.
The quitclaim deed is also used by siblings who want to transfer property to each other. On the quitclaim deed, there ought to be the name of the property being transferred, the date the transfer is occurring and also the grantor and grantee names. The grantor is the individual who is transferring the title of the property while the grantee is the person receiving the new title of the property. What will you stand to benefit when you consider using a quitclaim deed?
The first advantage of using a quitclaim deed is you will be exempted from paying tax for the transfer of the property. The quitclaim deed is used to transfer property from one family member to another while avoiding the need to pay tax for the transfer. With a quitclaim deed, no money will be involved, and so it will be regarded as a gift. No taxes will be required to be paid once you use the quitclaim deed to make a transfer of a given property. It is one of the easiest way to make sure that you transfer your property to your family member without having to pay tax for it.
You will also enjoy major benefits as a grantee. The major benefit to a grantee is that even as the transfer is made to you, no mortgages will be part of the package. This then makes the original owner responsible for any mortgages that may be part of the property. This means that you as the grantee will not be responsible for any money that was owed to the property. The grantee will then benefit greatly from using the quitclaim deed.
The quitclaim deed is also very useful when it comes to a divorce. Most people opt to go for the quitclaim deed after a divorce. After a divorce, you can always choose to transfer property to your spouse by using a quitclaim deed. You can be sure that you will not have to pay tax for the transfer of the house. Once you transfer property using the quitclaim deed to your ex-spouse then you will not be required to pay any taxes. With so many benefits of using a quitclaim deed, consider using one.