A quitclaim deed is quite useful when it comes to transferring property from one family member to another. Certain situations make it necessary for you to include your spouse to the title of the property that you want. A quitclaim deed will be necessary to ensure that you transfer the title of your property, your spouse. The quitclaim deed is also used when parents are transferring property to their children. 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. The quitclaim deed has to include the name of the property that is being transferred, the date the transfer is occurring as well as the names of the grantor and the grantee who are involved. The person transferring the title of the property is referred to as the grantor when the one receiving the new title of the property is the grantee. What are the advantages of using a quitclaim deed?
One major benefit of using a quitclaim deed is when you want to be exempted from paying tax after transferring the property. Most family members tend to use the quitclaim deed when transferring property to one another so that they can be exempted from paying 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.
Another major benefits that come with using a quitclaim deed is the one that a grantee gets to enjoy. Once the property has been transferred to you, you can be very happy to know that no mortgages will be transferred to you. This means that the original owner of the property will still be responsible for the mortgages of the property. This then means that as a guarantee, you will not be held any mortgage responsibility on the property. It is then very convenient for the grantee.
During a divorce, the quitclaim deed is very useful. The quitclaim deed is common after a divorce has occurred. If you happen to divorce with your spouse you can choose to give them the property by using a quitclaim deed. You will do so without necessarily being taxed for transferring the house. You will not have to pay for taxes after transferring property to your ex-husband or wife. Get to use a quitclaim deed whenever you want to transfer property to your family members since it is of great use.
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Quitclaim Deed 