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Mac_7
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| You can control whatever is going on in your part of property and not on that portion owned by your sister. |
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Olga
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Post subject: Quit claim deed |
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| Does that process works for Automotive property? |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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Olga, quit claim deeds are used for transfer of interest anybody has over any land property to another person. You can not use it for automotive property transfer.
Colin |
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chris harewood
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Post subject: transfer on property ownership by non resident |
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| I am a non US resident owning property in Florida. I want to avoid Estate Tax which in my case kicks in at $60,000. I was going to use an LLC or a living trust to transfer ownership to but I will have to pay Docs stamps at 70 cents per $100 of the value of the outstanding morgage. Any idead please |
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KarenP
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| If I signed a quit claim deed, would I be able to get the property in the case of a divorce? |
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carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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Hi Karen,
Whether you would get the property at the time of divorce will depend upon the court to decide. It will take into consideration various factors while deciding how the property should get divided between you two or to be given to anyone of you.
David |
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Gere R.
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Post subject: |
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| Chris, I think you will have to pay the doc stamp fees as per property laws in Florida. If the property was clear of any mortgage lien then you were not required to pay them at the time of transfer into a living trust. |
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Alex
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Post subject: |
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| Olga, quit claim deeds are used to convey interest in real property. It cannot be used for transfer of automotive property. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Hi Chris,
Welcome to our forums.
A non-resident in the US is subjected to the estate tax on his property or gross estate which includes real estate located within United States, stocks held in United States, US debt obligations, and tangible personal property located within the United States. The estate taxes are due upon his death.
Usually the first $60,000 of the estate owned by the non-resident is exempt from the estate taxes. Thereafter the taxes are charged on the assets at rates up to 50%.
However, if the decedent at his death transfers the estate outright or in a qualified trust, or through some other arrangement to a surviving spouse, then the US government will not charge any estate tax on the estate at the death of first spouse.
If the surviving spouse is not a resident of the United States, the decedent can avoid the estate tax by transferring his estate to the surviving spouse as a qualified domestic trust during his lifetime or at his death.
The non-resident may also have to pay estate tax charged by the local and state government in addition to the local; and state governments.
Transferring your estate to the trust is necessary, and in return of that if you have to pay for the doc stamps, then that's fine. After all you will be able to avoid estate tax.
Thanks,
Caron.
_________________
Mortgage Shopping made easy with booklet |
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adonis
Joined: 22 Oct 2005
Posts: 4719
Location: ALASKA
255.10 Dollars($)
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Karen, if you and your spouse come to an informal agreement after divorce, and your spouse is willing to give you the property, then you can use a quit claim deed for the transfer. Otherwise, if there is any court action, then you can use the quit claim as per the notification in the divorce decree.
_________________
Procrastination is the enemy of your financial success |
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Bradley J Mundt
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Post subject: Quick Claim Deed. |
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| I am curious if the quick claim deed removes the grantor from any sort of monetary obligations. For instance, once the deed is finished and filed, will the property (house), show up as debt (since the house is not paid for in full) on the grantor's credit? |
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carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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Post subject: |
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Hi Bradley,
| Quote: | | I am curious if the quick claim deed removes the grantor from any sort of monetary obligations. For instance, once the deed is finished and filed, will the property (house), show up as debt (since the house is not paid for in full) on the grantor's credit? |
Quit claim deed transfers property title from one person to another but has no affect on any debt liability the grantor has over the property like a mortgage. Even after quit claiming the house to someone else grantor remains liable for the mortgage and it shows up on his credit report until it is paid off or refinanced in the name of any other person.
David |
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KG
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Post subject: selling a property that has been quit claimed |
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| My mother quit claimed her home to me and my brother. We need to sell her home to take care of her and want to know if we do sell it, and there is money left over, will it affect her continuing to receive her medicare/medicaid. We don't want her to lose that. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.88 Dollars($)
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1606
Location: MASSACHUSETTS
150.38 Dollars($)
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Hi Bradley,
Welcome to the forum.
The quit claim deed does not remove the grantor from his debt obligations. The deed only allows him to convey his ownership rights on property to the grantee.
You may check out our previous discussion on Can quit claim transfer mortgage debt for further knowledge.
Feel free to come up with further questions.
God bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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