Posted on: 07th Feb, 2007 12:24 pm
how much to add two people in a one person deed. i want to do a quit claim deed.
Generally, recording fees for the Quit Claim Deed form are $11/first page; $2/each additional page, you may also have to pay doc stamps. But these costs vary upon the state you are and property laws of that state.
It will be much better for you to take advice from a real estate attorney. He will be able to provide you with exact figures.
It will be much better for you to take advice from a real estate attorney. He will be able to provide you with exact figures.
Hi Dalmaycd,
Welcome to the forums.
An individual adding someone to the title, that is, conveying a part or whole of his interest in property through quit claim deed has to pay documentary stamp (doc stamp) tax on the transfer. The payment is usually 70 cents per $100 of the consideration.
The consideration implies the full market value of the property or any money paid for the transfer or the outstanding loan balance on the property transferred. And, if there is any mortgage against the same property, then the doc stamp is assessed on the loan balance at the time of transfer.
However, in Florida the Supreme Court has held that no doc stamps will be charged on the transfer of property which the grantor owns free and clear title. The tax will only be charged if there is a mortgage against the property.
Thanks,
Sara
Welcome to the forums.
An individual adding someone to the title, that is, conveying a part or whole of his interest in property through quit claim deed has to pay documentary stamp (doc stamp) tax on the transfer. The payment is usually 70 cents per $100 of the consideration.
The consideration implies the full market value of the property or any money paid for the transfer or the outstanding loan balance on the property transferred. And, if there is any mortgage against the same property, then the doc stamp is assessed on the loan balance at the time of transfer.
However, in Florida the Supreme Court has held that no doc stamps will be charged on the transfer of property which the grantor owns free and clear title. The tax will only be charged if there is a mortgage against the property.
Thanks,
Sara