A quitclaim deed is quite useful when it comes to transferring property from one family member to another. There are instances when you require to add the name of your spouse to the title of your property. A quitclaim deed will be necessary to ensure that you transfer the title of your property, your spouse. Another use of the quitclaim deed is when you require your parents to transfer property to you. You can always transfer property to your children without much hassle by using the quitclaim deed.
The quitclaim deed is also used by siblings who want to transfer property to each other. On the quitclaim deed, there ought to be the name of the property being transferred, the date the transfer is occurring and also the grantor and grantee names. The person who receives the title of the property is referred to as the grantee while the one transferring the title of the property is the grantor. What will you stand to benefit when you consider using a quitclaim deed?
You will, first of all, get to enjoy tax exemptions after transferring the property. The quitclaim deed is used to transfer property from one family member to another while avoiding the need to pay tax for the transfer. Since no money is involved it is considered as a gift. This will then mean that you will not have to pay any tax when you transfer property to your family member using a quitclaim deed. It is one of the easiest way to make sure that you transfer your property to your family member without having to pay tax for it.
Another major benefits that come with using a quitclaim deed is the one that a grantee gets to enjoy. The major benefit to a grantee is that even as the transfer is made to you, no mortgages will be part of the package. This then makes the original owner responsible for any mortgages that may be part of the property. This then means that as a guarantee, you will not be held any mortgage responsibility on the property. It is then very convenient for the grantee.
During a divorce, the quitclaim deed is very useful. The quitclaim deed is common after a divorce has occurred. If you happen to divorce with your spouse you can choose to give them the property by using a quitclaim deed. You can be sure that you will not have to pay tax for the transfer of the house. Once you transfer property using the quitclaim deed to your ex-spouse then you will not be required to pay any taxes. With so many benefits of using a quitclaim deed, consider using one.