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Would a quitclaim deed transfer the title into our name?

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marilyn_stearns Joined: 12 Sep 2007 Posts: 1 1.38 Dollars($)	Posted: Wed Sep 12, 2007 8:45 pm    Post subject: Would a quitclaim deed transfer the title into our name? Like 0 Dislike 0 Our Mom passes away several years ago and left her house to myself and my two sisters. My sister who lives in another state has decided that she does not want her portion of the house. She wants to do a quit claim deed, but I am concerned about having to pay a big gift tax if we don't pay her a given amount of money for her share. How would that work. Also, do you think the quit claim deed is the best way to get this done and if so, what would be the process to do it. Do you have any idea about the costs involved, would we need an attorney, etc. The house is in Texas. One more thing? Would a quitclaim deed take her name off the title to the house? Thank you for your help. Marilyn
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Wed Sep 12, 2007 9:30 pm    Post subject: Like 0 Dislike 0 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: 918 168.95 Dollars($)	Posted: Thu Sep 13, 2007 12:11 pm    Post subject: Like 0 Dislike 0 Quote: 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. I agree with Larry. As being the grantor, gift taxes will have to be paid by your sister if the value received by her is less than actual value of her ownership in the house. You do not have any gift tax implications in this ownership transfer. Quote: what would be the process to do it. About the procedure to follow, you sister will have to get a quit claim deed form, fill it up as required and have it notarized and recorded with the county recorder's office where the house is located. After it is recorded the ownership will transferred in your name. On the deed your sister will be named as the grantor and you as the grantee. And I would recommend that you take help of an attorney in this ownership transfer process. It will not cost much and you will have the assurance that correct procedure has been followed for title transfer. Miller

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