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. This will be possible by simply using a quitclaim deed which will transfer the title of the property to your spouse. The quitclaim deed is also used when parents are transferring property to their children. You will not require so much whenever you want to transfer property to your children all you need is to use a quitclaim deed.
Siblings can also utilize the quitclaim deed to ensure they transfer property to one another. 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 will you stand to benefit when you consider 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. Most family members tend to use the quitclaim deed when transferring property to one another so that they can be exempted from paying tax for the transfer. With a quitclaim deed, no money will be involved, and so it will be regarded 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. The quitclaim deed is very common among family members who want to transfer property among themselves.
As a grantee, you will also get to enjoy massive benefits when you use the quitclaim deed. 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 means that the original owner will still have to pay for mortgages that may come with the property. This then means that as a guarantee, you will not be held any mortgage responsibility on the property. The grantee will then benefit greatly from using the quitclaim deed.
The quitclaim deed is also very useful when it comes to a divorce. The quitclaim deed will be used to resolve any issues that may arise 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. This then means that you will be safe from having to pay tax for 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.