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What are the tax implications of quit claim deed?

What are the tax implications of a Quit Claim? Who pays the property tax?

Thank you.

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Joe!

Welcome to forums!

As far as I know, you need to use a quitclaim deed in order to get the property transferred in your name. Nevertheless, you can contact a real estate attorney and he will help you in this regard.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 03/22/2012 - 00:25 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When someone aquires property as the result of a Quit Claim Deed, is it aquired at the current value (for tax purposes) or the original purchase price.

Like | Dislike | Share | Posted: Wed, 04/19/2006 - 07:02 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You can purchase the property only through a title deed and not the quit claim deed. This is because with a quit claim deed, you can only get a share in the property interest. And, as far as I know, the seller needs to talk to the lender regarding your assuming the mortgage. All depends on how quickly you can sign the title deed.

Regarding tax implications, you will have to pay the property taxes once you get the ownership rights of the property.

Thanks,

Caron.

Like | Dislike | Share | Posted: Wed, 04/19/2006 - 04:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can you tell me how it would work if I use a Quit Claim to purchase a property that is headed for foreclosure?

The seller cannot pay the mortgage so I was going to have him sign a Quit Claim, then I would pay the mortgage company the amount due to keep it from going into foreclosure, then I would sell the home for Fair Market Value, hopefully profiting about $20-30,000.

Is this the best way to purchase and immediately re-sell the property?

What are the tax implications?

Thank you for your advice !!!

Like | Dislike | Share | Posted: Wed, 04/19/2006 - 04:08 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi AKC,

Welcome to MortgageFit Forums. It is a good question that you have asked.

Often we do this mistake of stating it as a quick claim deed instead of quit claim deed which is the correct one.

Feel free to post if you have any more queries.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 01/05/2006 - 10:05

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it Quick Deed or Quit ?

Like | Dislike | Share | Posted: Thu, 01/05/2006 - 09:59 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi AKC,

Welcome to MortgageFit Forums.

Whenever you are getting the ownership rights for a property through a quit claim, it makes you financially responsible for the property. You need to handle the taxes of the part owned by you from then.

If you are prepared to afford the taxes, then you can have it now through quit claim. Otherwise you may wait and until you arrange the capital.

In any case I shall advise you to get every documented as it is very crucial in real estate matter.

Also, consult an attorney with the issue so that you do not face any problem afterwards.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Thu, 01/05/2006 - 08:54

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A friend and I are purchasing houses, since he had the captial to purchase the first house he bought it and quick claim deeded it to me. I since gave him the money for the house. We are about to do it again, and started to think about the issues.
Do I need to document paying him the money he put up for the house for Taxes?
Would it be better for me to wait and get the capital myself ?

Since the cost of the house is fair we try and get it when we can, but is it better for me to wait?

Like | Dislike | Share | Posted: Thu, 01/05/2006 - 08:42 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi JA,

Welcome to MortgageFit Forums.

You can't transfer a mortgage through [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. Refinance is the possible option that you have to transfer the mortgage.

But as Cedric mentioned that her approval is required for the transfer.

God bless you.

For Mortgagefit,
Samantha

Like | Dislike | Share | Posted: Fri, 02/17/2006 - 12:49

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Wanda,

Welcome to MortgageFit Forums.

Quit claim deed will transfer your interests in the property to your husband. But it has nothing to do with your mortgage and you will still be responsible for it.

You can be discharged off your liability only after your husband refinances the property in his name.

The deed should be notarized and recorded in your county's recorder office.

Do settle these things under the guidance of your divorce attorney as these things often create problems in the future.

Always keep in mind that property transfers are critical and hence professional guidance is a must. So, talk to your attorney and proceed as per his suggestions.

Feel free to ask if you have more queries.

God bless you.

For MortgageFit,
Samantha

Like | Dislike | Share | Posted: Fri, 03/31/2006 - 14:21

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can't assign the mortgage debt. You can quit claim her off the title....she would have to sign that form......and then [url=http://www.mortgagefit.com/refinance.html]refinance[/url] into your name. If there is equity in the home why would she want to walk away from that? Any changes to title will have to have her or her estates approval. I would suggest that you refi and get the mortgage into you own name ASAP if something where to happen to her her estate could prevent you from even selling the place.

Like | Dislike | Share | Posted: Fri, 02/17/2006 - 12:30

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hi, in 2010 me and my friend both 1 house and 2011 both another one (the same value) in Florida. We have never been married
2012 we signed quitclaim deed and now everybody own 1 house (instead of 2 halfs)
What will be the complication when we do our taxes with IRS?
Thank you

Like | Dislike | Share | Posted: Tue, 02/26/2013 - 07:39 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am divorcing and I have commerical property which my husband wants me to sign over to him using a Quick Claim Deed. Would this release me from the mortgage payment, taxes etc., when he refinances?

Like | Dislike | Share | Posted: Fri, 03/31/2006 - 14:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If an unmarried couple purchased a home together (both names are on mortgage) and now want to split up, can he retain the mortgage and assign his ex girl friend's ownership and attendant mortgage debt via a quit claim to say, his parents.

Like | Dislike | Share | Posted: Fri, 02/17/2006 - 12:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If q lender offers a quitclaim for real property to satisfy a debt, can they still hold me liable for any unforgiving debt?

Like | Dislike | Share | Posted: Tue, 02/26/2013 - 10:41 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to the forums.

It will be to your son's benefit if the ownership is obtained through a warranty deed rather than a quit claim deed. A warranty deed protects the buyer against certain title defects that can affect the property ownership. But a quit claim is not useful in this regard.

To know more on this issue, please go through http://www.mortgagefit.com/warranty-deed.html and http://www.mortgagefit.com/discuss/homebuying-deeds.html . Also contact an attorney and consult how you should get the warranty deed.

Please let us know if there are any more queries.

Thanks,

Caron.

Like | Dislike | Share | Posted: Sun, 07/16/2006 - 08:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My son is wanting to buy property - a quit claim deed - seller insist on
a deposit to hold property for 30 days. Seller will not consider holding
the property longer if needed. It appears that the prior deed was a warranty deed and the present owner purchased the land from a family member by [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url]. If bought, how do we change this to warranty deed? Also, would it be to my sons' benefit to have a warranty deed and
why?

Like | Dislike | Share | Posted: Sun, 07/16/2006 - 04:16 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lisa,

Let me explain the various facts.

[quote:5a73614787]We feel we need to secure our investment in the property, due to fixing up and maintenance monies put into the property already and in the future. Is a quick/ quit claim deed the way to go. She does still have a mortgage.[/quote:5a73614787]

You are thinking of to make it as a secure investment. But I don't think that quit claim deed is right way to do.

Because through the quit claim deed you can only transfer the share of interest of the property into yours name. But one point is here to keep in mind, since the property still have a mortgage so in that no liability will come on you in case of any default in the payment. Since, your name is not in title.

But to make the investment secured you should think to add your name on the title of the property. And for that you need to contact an attorney and go for the title deed.

Now, it's very much important for you think in a cool mind and decide what to do? It should be completely your decision.

Thanks

Like | Dislike | Share | Posted: Tue, 05/30/2006 - 01:51 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi JW,

I can understand your anxiety. Since you already have your name on the deed so, you can't be removed from the property rights.

It's better if you consult an attorney to be assured as this involves complicated legal matters

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 10:36

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, Lisa

Looks ok to me, but few things you should clear up before going to the deal.

1st is when her loan will be paid off as quit claim deed only transfers the interest not the mortgage and it would be better to take any lawyer or attorney help as they will be able to guide you better.

Like | Dislike | Share | Posted: Tue, 05/30/2006 - 00:56 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Our Landloard wants to give us the house/property. She is older and has no real involved family. We feel we need to secure our investment in the property, due to fixing up and maintenance monies put into the property already and in the future. Is a quick/ [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] the way to go. She does still have a mortgage. How does the deed affect the mortgage, if at all? Do you suggest a lawyer to take us through the process.
Thanks

Like | Dislike | Share | Posted: Tue, 05/30/2006 - 00:47 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In my opinion you should go ahead with the [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. That would be more safer I believe.

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 06:34 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Deann,

If you quit claim the property to another person, you are still liable for the payment of the loan.

Quit claim only transfers the share of interest to another person. Whereas the title of the property still remain same. Since, you are in the title of the property so any default in payment makes you the liable person.

But if you are thinking for transferring the title of the property then you have to go for title deed. For that you need to first contact an attorney to prepare the papers of the deed. Then, sign the deed with notary public as witness. Make the deed public by recording it at the Office of the Registrar.

Thanks

Like | Dislike | Share | Posted: Mon, 05/29/2006 - 20:31

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother is failing and in nursing care. She wants me to have the homestead and another business property. She asked my sister to make a new will and include a granddaughter in the division of her cash assets. Mom then told me to go ahead and put the property in my name. She quit clamied both properties and I recorded the deed on the business property and am holding back on the homestead in case she needs more assets for her medical needs.
We know not what is actually in the new will. Mom nor I trust my sister.
Should I wait and hope the will was drawn as mom wanted or go ahead and record the homestead quit claim?
I am more interested in the tax value to me if I inherit the home compared to the gift aspect.
I know I will have to pay the property taxes.
The total estate value is less than $600,000.00

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 06:27 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I quit claim the property to another person, am I financially responsible if they default on the loan

Like | Dislike | Share | Posted: Mon, 05/29/2006 - 18:37 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Yana,

It will be better if you could get in touch with a tax adviser and take his opinion in this regard. He will let you know whether or not there will be any tax implication.

Hi Delta,

Even if you surrender the property to the lender, the lender may hold you responsible for the deficient balance resulting from the sale of the property.

Thanks

Like | Dislike | Share | Posted: Tue, 02/26/2013 - 21:27

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Regula,

You should take permission from the Arizona Corporation as to whether you can quit claim back your property. For further clarifications in this regard, contact an attorney as soon as possible.

Thanks,

Caron.

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 04:37 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Regula,

[quote:87a966a2b1]1. My sister, my brother and my self own each 1/3 interest in three parcels in Co.Can we quit claim those interests, so that each of us owns a parcel?[/quote:87a966a2b1]

I think quit claim will not be the perfect solution in your case. Because it will only remove the share of interest from the parcel but still you are in the title. So, it's better if you consult an attorney and go for title deed that will transfer the ownership of the parcel to only one person.

Thanks

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 04:19

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, FredB

To me, you look in too much bother about your issue. See but the fact is your problem is already solved if you look it from my place.

See the family forgave the loan so the mortgage issue is over right. According to you in trust deeds you name is there so automatically you gets the title of the property.

If you still have any doubts, then you can consult with the local attorney and show him all the legal documents.

Thanks

Like | Dislike | Share | Posted: Tue, 01/03/2006 - 01:21 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

1. My sister, my brother and my self own each 1/3 interest in three parcels in Co.Can we quit claim those interests, so that each of us owns a parcel?
2. I own a parcel which was put in a Arizona corporation in 1995. Can I quit claim it back to myself?

Like | Dislike | Share | Posted: Fri, 06/16/2006 - 03:45 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi FredB.

I don't think that there is much to worry about this since your loan has already been forgiven by the family. I would advise you to collect all the necessary legal documents and approach your local attorney. Just talk to him about your situation. He will be the best person to tell you how to proceed further on this issue.

Thanks,
Caron.

Like | Dislike | Share | Posted: Tue, 01/03/2006 - 01:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dallen,

As Blue said you must consult an attorney for the purpose as it will have two way benefits. First you will be able to get a clear interest ownership to the title under his guidance.

Second your grandmother can avoid any penalties to the IRS. An appraisal is the very first step required for the property.

That will help to know the fractional interest equal to the annual exclusion amount that can be gifted. For your information the amount that can be excluded is $11,000 per person.

Hope that gives an idea.

Angel

Like | Dislike | Share | Posted: Mon, 05/29/2006 - 11:04

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Caron,
I hope you see this followup question regarding the quit claim deeds. The arrangements to pay back these family loans were very informal. In fact the money was never paid back and the loans were forgiven by the family. The trust deeds were placed on the property just in case something ever happened to me such as my death. I have been trying to get my brother to file the right documents but he is always too busy and it is not a priority for him right now. The second half of this issue is that my brother has been talking divorce and I don't want these Trust Deeds on the property and they then become an issue in what I know will be a nasty divorce. Is the quit claim still the best way to go?

Like | Dislike | Share | Posted: Tue, 01/03/2006 - 00:23 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dallen,

Your grandmother can prepare a deed and transfer her interests in the property to you. But do consult an attorney for the preparation of the deed and to know about the related tax involved.

Feel free to ask if you have further doubts.

Blue

Like | Dislike | Share | Posted: Mon, 05/29/2006 - 10:57

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

That question should be addressed by the HOA

Like | Dislike | Share | Posted: Thu, 02/16/2006 - 09:22

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My grandmother wants to give her home to me as a gift. The home is paid for. How can this be accomplished?

Like | Dislike | Share | Posted: Mon, 05/29/2006 - 10:38 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi FredB.

Since your loan has been paid off, you will be automatically getting back the title of ownership of your property. Only if you don't repay the loan, your trustee will sell off the property and pay the unpaid loan balance.

I don't think that you need a quit claim deed to remove the paid off trust deed, at least when the trust deed allows you to get back the title after the loan has been satisfied.

Regards,
Caron.

Like | Dislike | Share | Posted: Mon, 01/02/2006 - 19:26 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My brother and family trust loaned me money based on the equity in my home and took out trust deeds to protect this money. The loans have been satisfied. I want to file a quit claim deed to remove the paid off trust deeds. Is this the best and only way to do so.

Like | Dislike | Share | Posted: Mon, 01/02/2006 - 15:08 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think it can be done no harm in it.

Like | Dislike | Share | Posted: Thu, 02/16/2006 - 07:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

OUR CONDO ASSN. HAS A 3 YEAR RENTAL POLICY. AN OWNER HAS RENTED HIS UNIT FOR 3 YEARS AND NOW HAS QUIT CLAIMED THE UNIT TO HIS DAUGHTER SO SHE CAN RENT IT OUT FOR 3 YEARS. NOW HER 3 YEARS ARE UP. CAN SHE NOW QUIT CLAIM THE UNIT BACK TO HER FATHER TO RENT AGAIN FOR 3 YEARS? OR HAS HIS RENTAL TIME EXPIRED?

Like | Dislike | Share | Posted: Thu, 02/16/2006 - 07:41 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Vickie,

If all the other things fail and you find him not signing the deed back to you then you have to prove that the deed was signed under pressure or you were cheated.

This is not an easy thing to prove but there is a chance that your lawyer fights the case properly for you. I wish you all the luck. Don't worry too much now and contact a lawyer first to take his suggestions.

Like | Dislike | Share | Posted: Thu, 06/15/2006 - 10:32

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Vickie,

I can feel the trouble. Did you get any note against the agreement made between you and your brother?

I am really surprised how you could keep the whole interest in your property as security against such a small debt. I mean to say the debt amount is much less than the property value.

Now if you have any copy of any agreement made then you can take that to a lawyer and take suggestions from him on how to proceed.

If you do not have any agreement papers then it is difficult to claim the property unless he signs the deed back to you. In any case talk to a lawyer before it is too late.

Blue

Like | Dislike | Share | Posted: Thu, 06/15/2006 - 10:27

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I gave my brother a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] for a cabin we owned together as security for a small debt (under $10,000). I have paid the dept to him but he is dragging his feet about returning 50% of the property title to me. I believe he has borrowed money from the bank on the cabin and I'm concerned about my share of a $200,000 property.

Like | Dislike | Share | Posted: Thu, 06/15/2006 - 10:09 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I don't think that you require paying taxes if you buy a part of the property from your friend. And, don't be nervous, just talk to your friend and try to clarify as to whether he has indeed transferred his property share through the quit claim deed.

Thanks,

Caron.

Like | Dislike | Share | Posted: Wed, 05/10/2006 - 05:19 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well !! You are indeed in a very dicey situation.

First of all, through a quit claim deed only the interest in the title of a property gets transferred. If you want to have a complete ownership of his share in the property then you will have to go for title deed.

I am not very sure on the tax issue.
[quote:2ba7493792]Also, is there a way to verify that he has not already quit deeded his property to another party? I know that if he had done this unbeknownst to me and then quit deeded me his half that he already sold to someone else, I would be in a bad position.[/quote:2ba7493792]
As far as I know the only way you get to know about this is through your friend.

Please feel free to ask if you have any more doubts. :D

Thanks,
Jerry

Like | Dislike | Share | Posted: Wed, 05/10/2006 - 05:17

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I purchased a home 1 year ago with a friend for investment purposes. I am the only one on the mortgage but we are both on the deed. I am buying him out via a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url]. Is this the proper procedure? Do we get taxed on the money I buy him out with? He suggests indicating that I'm paying him $10 for the property to avoid taxes, but this makes me nervous.

Also, is there a way to verify that he has not already quit deeded his property to another party? I know that if he had done this unbeknownst to me and then quit deeded me his half that he already sold to someone else, I would be in a bad position.

Like | Dislike | Share | Posted: Wed, 05/10/2006 - 04:21

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Nel,

Such a transfer will be considered as a change in the control of ownership and will require reassessment of the entirety of the property.

The property taxes may get increased with a change in ownership. In case of transfers between spouses or between parents and children, reappraisal may be excluded.

Hope this will satisfy your query.

Feel free to ask if you have more doubts.

Blue

Like | Dislike | Share | Posted: Mon, 03/27/2006 - 14:14

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

IF A PROPERTY IS OWNED BY THREE INDIVIDUALS AND ONE OF THEM WANTS TO QUICK CLAIM HIS 1/3 OF THE PROPERTY TO ANOTHER PERSON, WILL THE PROPERTY BE REASSESED? WILL THE TAXES BE INCREASED DUE TO THE TITLE /OWNERSHIP CHANGE?

Like | Dislike | Share | Posted: Mon, 03/27/2006 - 14:00 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi John,

Yes, your mother can transfer her interests in the property to you and your sisters through a quit claim deed.

But don't forget to take the help of a real estate attorney in the process. Also, get the deed notarized and recorded in the county's recorder office.

Like | Dislike | Share | Posted: Mon, 03/27/2006 - 09:05

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Samantha for your quick reply to my previous message.
If I, being a foreigner, transfer my property in usa to my grandaughter (11 years old), who is americanborn, for example using a quit claim deed, or a trust deed, might be revocable or irrevocable, will she be subject to income tax if the property is rented and the rent is used for educational purposes and or expenses of my grandaughter?

Like | Dislike | Share | Posted: Fri, 05/26/2006 - 16:25 | Post subject:

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