Michigan Deed Transfer Questionnaire

State:
Multi-State
Control #:
US-Q1010
Format:
Word; 
Rich Text
Instant download

Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a transferring real property with a deed. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney's case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client's needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

Inheriting a house doesn't usually trigger any tax liabilities by itself. There is no federal inheritance tax, although larger estates may have to pay federal estate taxes. Six states impose an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania.

You do not automatically pay taxes on any property that you inherit. If you sell, you owe capital gains taxes only on any gains that the asset made since you inherited it.

So long as the individuals and the legal entity have the same proportional ownership interests, the real property will not be reassessed when transferred to or from the entity or the individual. A and B can transfer property owned by them 50/50 to an LLC owned by them 50/50 without reassessment.

Transfer taxes must be paid before recording the quitclaim deed. You can find out if transfer taxes will be due in the Do-It-Yourself Quitclaim Deed (after Divorce) tool.

Each county's form requires the same basic information, including the names and addresses of the grantee and grantor, the property description (which you can get from a prior deed to the property or from the County Register of Deeds Office), and the amount of money being exchanged for the property.

Any property inherited upon the death of a parent is now, by default, reassessed, which often doubles, triples, or otherwise dramatically increases the property tax liability of the property due to the increased value of that property over time.

Background of California Property Taxes However, when you transfer (gift, transfer on death, or sell) real property, the property is reassessed at the current fair market value.

Affidavit must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer. The information on this form is NOT CONFIDENTIAL.

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Michigan Deed Transfer Questionnaire