Posted on: 07th May, 2007 09:30 am
hi,
i live in maryland and i'm legally separated. my estranged husband is willing to sign a quick claim deed to remove his name/interest from the marital property, so i can refinance only in my name. does maryland require a minimum property transaction fee (from grantee) entered into the deed? i'm planning to use a standard quit claim form.
thanks, dette
i live in maryland and i'm legally separated. my estranged husband is willing to sign a quick claim deed to remove his name/interest from the marital property, so i can refinance only in my name. does maryland require a minimum property transaction fee (from grantee) entered into the deed? i'm planning to use a standard quit claim form.
thanks, dette
Dette,
A person can quit claim his property to someone else and if a very nominal value is received then $10 can be entered as the consideration. In such a situation it will be considered as a gift from grantor to grantee.
A person can quit claim his property to someone else and if a very nominal value is received then $10 can be entered as the consideration. In such a situation it will be considered as a gift from grantor to grantee.
hi dette,
welcome to mortgagefit forum.
property can be transferred using quit claim deed by grantor without receiving any value for it and there is no requirement of entering any minimum fee.
if the transfer is made for a consideration less than actual value of property then it is considered as gift and the grantor might have to pay any applicable gift taxes.
colin
welcome to mortgagefit forum.
property can be transferred using quit claim deed by grantor without receiving any value for it and there is no requirement of entering any minimum fee.
if the transfer is made for a consideration less than actual value of property then it is considered as gift and the grantor might have to pay any applicable gift taxes.
colin