Quitclaim Deed Add Text Box For Free

The good news is that, though it may not be an attractive option to many buyers, you can still sell the property normally. The title will still have been transferred to you. The quitclaim deed affects ownership and the name on the deed, but it does not affect the name on the mortgage.

Fill out the quit claim deed form, which can be obtained online, or write your own using the form as a guide. The person giving up the interest in the property is the grantor, and the person receiving the interest is the grantee.

Quitclaim deeds are not taxable when they transfer ownership to a spouse.Quitclaim deeds also are not taxed when they transfer property to qualifying charities. For income tax purposes, you cannot deduct the value of a gift from income tax unless the gift is to a charitable organization.

A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.

When you receive property through a quitclaim deed, or inherit it, you become fully responsible for that property. Any taxes, insurance, property liens or other debts attached to the property you received via quitclaim deed become yours as well.

A quit claim deed may be used in a divorce, when one spouse transfers all ownership interest in certain marital property, such as the family home. For example, during the settlement of John and Candy's divorce, John is given ownership of the family home.

Once you have filled out a California quitclaim deed, you will need to get it notarized. Next, you will need to need to visit your appropriate local government office to file some paperwork. Depending on your county of sale, that may be a Recorder's office, a County Clerk's Office, or an Assessor's office.