The quitclaim deed is commonly used to transfer property among family members. You may want to include your spouse to the title of your property. You can be able to transfer a title of your property to your spouse by just using a quitclaim deed. The quitclaim deed is also used when parents are transferring property to their children. Not much is required when transferring property to your children using the quitclaim deed.
The quitclaim deed can also be used by siblings who are keen on transferring a given 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 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 are the advantages 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. 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 makes the original owner responsible for any mortgages that may be part of the property. Any money that was owed to the property will not be transferred to the grantee. This then makes it very convenient.
During a divorce, the quitclaim deed is very useful. 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 can be sure that you will not have to pay tax 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.