What Does A Deed Look Like

If you give your house to your children, the tax basis will be $150,000.PA INHERITANCE TAX ISSUES: In Pennsylvania, there is no gift tax. However, to avoid PA Inheritance Taxes (the rate is 4.5% for assets passed to children or grandchildren), you must live at least one year from the time the gift was made.

To transfer property in Pennsylvania, you'll need to prepare and execute a deed and record it in the county where the property is located. If the transfer was in exchange for money, you'll have to pay transfer tax.

Retrieve your original deed. Get the appropriate deed form. Draft the deed. Sign the deed before a notary. Record the deed with the county recorder. Obtain the new original deed.

Pennsylvania realty transfer tax is imposed at a rate of 1 percent on the value of real estate (including contracted-for improvements to property) transferred by deed, instrument, long-term lease or other writing.

A: A "special warranty" deed is the type of deed used most frequently in Pennsylvania real estate sales. It essentially represents that the seller did nothing to weaken the status of title from the time that he/she received it.A "quit-claim" deed is a deed that contains no warranties at all.

The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.

The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost. 1% to buyer, 1% to seller; however payment is dictated by the sales contract.