Posted on: 02nd Dec, 2008 05:56 am
What is the difference between the Quitclaim deed and the Deed of gift and when to use either one? Is there any difference in the reverse process (which one is more difficult to reverse)? How to reverse the Quitclaim deed and the Deed of gift? Thank you.
Hi Tyvit!
Welcome to forums!
A deed of gift is a written document containing transfer of property title with no monetary consideration. It is a form of contract which establishes the conditions governing the transfer of title and specifying any restrictions on access or use. A quitclaim deed, on the other hand, can be used to transfer property during divorce, between married couples, to add name to the property title, for establishing life estate and to transfer owner ship rights. To know more about quitclaim deed, check out the following link:
http://www.mortgagefit.com/quitclaim-deed.html#use
However, you cannot transfer a mortgage title with the help of a quitclaim deed. It can be done by refinancing the mortgage. The grantee has to sign a reverse quitclaim deed in order to transfer back the property to the grantor. As far as reversing the deed of gift is concerned, I think you will have to issue a new gift of deed canceling the previous one.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
A deed of gift is a written document containing transfer of property title with no monetary consideration. It is a form of contract which establishes the conditions governing the transfer of title and specifying any restrictions on access or use. A quitclaim deed, on the other hand, can be used to transfer property during divorce, between married couples, to add name to the property title, for establishing life estate and to transfer owner ship rights. To know more about quitclaim deed, check out the following link:
http://www.mortgagefit.com/quitclaim-deed.html#use
However, you cannot transfer a mortgage title with the help of a quitclaim deed. It can be done by refinancing the mortgage. The grantee has to sign a reverse quitclaim deed in order to transfer back the property to the grantor. As far as reversing the deed of gift is concerned, I think you will have to issue a new gift of deed canceling the previous one.
Feel free to ask if you have further queries.
Sussane
To finalize a divorce we were supposed to buy one another out or sell the house. I offered to trade rights to retirement for title to the home. If a lawyer prepares a deed of gift will I owe federal taxes on the home although I was named on the original Deed of Trust?
By federal taxes, do you mean the property taxes? If you transfer property to another individual, you won't owe the taxes but you'll have to make sure that the property tax bill no longer shows your name. I mean if the bills have come in your name so far, you need to contact the County Tax Assessor's office and remove your name from the tax bill.