Difference between quit claim and interfamily transfer?

sonia_fp · Joined: 25 Jan 2008 Posts: 1 1.41 Dollars($)

Hi, what is the difference between quit claim and interfamily transfer? Are they both deeds? Do they serve the same function? Any benefit from one versus the other?

Does filing any one of these put your name on title? Or is that something different? Sorry for being vague just trying to get general info. Thanks.

jameshogg

Hi Sonia,

Welcome to forums.

An interfamily transfer implies conveyance of property amongst family members. And it can be done by quitclaim, warranty or grant deed depending upon whether the property is free of liens or not.

The deed should be notarized prior to filing at the office of the County Recorder. Only then will the deed be a valid one.

To know more, refer to the section on quitclaim and warranty deed.

Take Care

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Sonia,

Welcome to forums.

James has given you sound info. If the property transfer is occurring within the family it is called Inter family transfer. You can use a quitclaim deed or a warranty deed. But if the title is not free from liens you can't use a quitclaim deed.

"Does filing any one of these put your name on title?"
If the owner transfers only to you, then you will be the sole owner of the property. But if say the owner transfer the property to three people including himself, then all of them will be the owner.

Hope it is clear to you.

Feel free to ask if you have any further questions.

Best of Luck.
Larry

Guest 0.10 Dollars($)

My mother owns property with the title in her and my name. She wants to transfer full ownership to me. There are no liens - would a quitclaim deed work or a grant deed?

sara

Hi Kareng,

Welcome to the forums.

I guess a grant deed is a better one. Know more about quitclaim vs grant deed.

Take Care

Guest 0.10 Dollars($)

My Mother died in January leaving her home to my sister and me. We settled the estate with my sister by buying out her half of the house. We were told by the people in charge of my Mother's living trust, that after the whole house was put in my name, we could then do an interfamily transfer of the house to our son who wants to buy it, and then save the 15% taxes by doing so. We based this whole thing on being able to keep the house in the family and save the taxes, so each party, my sister and I, could keep more money because our son wanted to buy the house.
I am not sure this makes sense but just what is the true story, because now they are telling us that we can only gift the house to him, each year, for the next 20 years. Duh, we are already in our 70's.
Thanks.

jameshogg · Posted: Thu Oct 16, 2008 1:20 am Post subject:

Hi Pat!

I think you are speaking about the intra-family transfer(i.e. transfer within the family). You can claim a tax exclusion on other real property up to $1,000,000 in assessed value, if transferred between a parent and a child. You can go in for this if it is possible. And for the rest of the value of the property you will have to pay the taxes.

Thanks

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