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. 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. The quitclaim deed has to include the name of the property that is being transferred, the date the transfer is occurring as well as the names of the grantor and the grantee who are involved. The grantor is the individual who is transferring the title of the property while the grantee is the person receiving the new title of the property. What are some of the benefits of using a quitclaim deed?
The first advantage of using a quitclaim deed is you will be exempted from paying tax for the transfer of 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. No money is involved when the quitclaim deed transfers the property and so it is more of a gift. You can be sure that she will be exempted from paying tax can you use a quitclaim deed. 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. After the transfer of the property has occurred you can be sure that no mortgages will be transferred to you. This means that the original owner of the property will still be responsible for the mortgages 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.
The quitclaim deed is also very useful when it comes to a divorce. The quitclaim deed is common after a divorce has occurred. You can give your property to your spouse after a divorce by simply using the 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.