The quitclaim deed is commonly used to transfer property among family members. Certain situations make it necessary for you to include your spouse to the title of the property that you want. 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 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. 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. You can be sure that she will be exempted from paying tax can you use a quitclaim deed. Consider using the quitclaim deed to make a transfer of your property to your family members and be sure that you will be exempted from paying tax.
You will also enjoy major benefits as a grantee. 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 means that the original owner will still have to pay for mortgages that may come with the property. Any money that was owed to the property will not be transferred to the grantee. 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. You can give your property to your spouse after a divorce by simply using the quitclaim deed. You will do so without necessarily being taxed for transferring the house. This then means that you will be safe from having to pay tax for transferring property to your ex-husband or wife. Consider using the quitclaim deed because of the immense benefits that come with using it.