Would a quitclaim deed transfer the title into our name?

marilyn_stearns · Joined: 12 Sep 2007 Posts: 1 1.38 Dollars($)

Our Mom passes away several years ago and left her house to myself and my two sisters. My sister who lives in another state has decided that she does not want her portion of the house. She wants to do a quit claim deed, but I am concerned about having to pay a big gift tax if we don't pay her a given amount of money for her share. How would that work. Also, do you think the quit claim deed is the best way to get this done and if so, what would be the process to do it. Do you have any idea about the costs involved, would we need an attorney, etc. The house is in Texas. One more thing? Would a quitclaim deed take her name off the title to the house? Thank you for your help. Marilyn

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Marilyn,

Welcome to the forum.

In your situation, I think a quitclaim deed is the best way for transferring the property from your sister to you. When your sister will quitclaim her share of interest to the house, she will be giving up her ownership rights. By signing the deed, her name will get removed from the title completely. As she will be giving up her rights to the house, it is she who will have to pay the gift tax for transferring the property interest through quitclaim deed. You don't have to pay any such tax. To know more on gift tax associated with quitclaim deed, you may refer to http://www.mortgagefit.com/gift.html

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

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