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Whenever you need to make a transfer of your property from your name to the name of another family member, then consider using a quitclaim deed. There are instances when you require to add the name of your spouse to the title of your property. This will be possible by simply using a quitclaim deed which will transfer the title of the property to your spouse. Another use of the quitclaim deed is when you require your parents to transfer property to you. You will not require so much whenever you want to transfer property to your children all you need is to use a 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 transferring the title of the property is referred to as the grantor when the one receiving the new title of the property is the grantee. What are some of the benefits of using a quitclaim deed?
One major benefit of using a quitclaim deed is when you want to be exempted from paying tax after transferring the property. You can be sure that when you use the quitclaim deed transfer property among you and your family members will be exempted from paying tax. With a quitclaim deed, no money will be involved, and so it will be regarded as a gift. No taxes will be required to be paid once you use the quitclaim deed to make a transfer of a given property. The quitclaim deed is very common among family members who want to transfer property among themselves.
Another major benefits that come with using a quitclaim deed is the one that a grantee gets to enjoy. Once the property has been transferred to you, you can be very happy to know that no mortgages will be transferred to you. This then makes the original owner responsible for any mortgages that may be part of the property. This means that you as the grantee will not be responsible for any money that was owed to the property. It is then very convenient for the grantee.
The quitclaim deed is also very useful when it comes to a divorce. Most people opt to go for the quitclaim deed after a divorce. If you happen to divorce with your spouse you can choose to give them the property by using a quitclaim deed. You will be exempted from taxes for the transfer of the house. You will not have to pay for taxes after transferring property to your ex-husband or wife. Get to use a quitclaim deed whenever you want to transfer property to your family members since it is of great use.