Whenever you need to make a transfer of your property from your name to the name of another family member, then consider using a quitclaim deed. You may want to include 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 can always transfer property to your children without much hassle by using the quitclaim deed.
Siblings can also utilize the quitclaim deed to ensure they transfer property to one another. 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 person who receives the title of the property is referred to as the grantee while the one transferring the title of the property is the grantor. What are some of the benefits 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. The quitclaim deed is used to transfer property from one family member to another while avoiding the need to pay tax for the transfer. Since no money is involved it is considered 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. The quitclaim deed is very common among family members who want to transfer property among themselves.
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. This then makes it very convenient.
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. You can give your property to your spouse after a divorce by simply using the 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. Get to use a quitclaim deed whenever you want to transfer property to your family members since it is of great use.