The quitclaim deed is commonly used to transfer property among family members. You may want to include your spouse to the title of your property. A quitclaim deed will be necessary to ensure that you transfer the title of your property, your spouse. Another use of the quitclaim deed is when you require your parents to transfer property to you. 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. 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 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?
You will, first of all, get to enjoy tax exemptions after transferring the property. You can be sure that when you use the quitclaim deed transfer property among you and your family members will be exempted from paying tax. Since no money is involved it is considered as a gift. You can be sure that she will be exempted from paying tax can you use a quitclaim deed. 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. After the transfer of the property has occurred you can be sure that no mortgages will be transferred to you. This then means that the original owner will still have to pay for mortgages that may come with the property. This means that you as the grantee will not be responsible for any money that was owed to the property. It is then very convenient for the grantee.
The quitclaim deed is also very useful when it comes to a divorce. The quitclaim deed is common after a divorce has occurred. You can give your property to your spouse after a divorce by simply using the 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. Consider using the quitclaim deed because of the immense benefits that come with using it.