What do you do if you need to transfer property ownership between two people who know each other, such as family members or spouses? For many people, the easiest solution for this kind of property transfer is a quitclaim deed.
Figure Out What You Want To Do
Before making the decision to do any kind of property transfer, make sure it is what you want to do. If you have questions or uncertainties about any of the conditions of the transfer, do not hesitate to speak up. Talking through misunderstandings can reduce the chances of any difficulties down the road. Remember, a quitclaim deed may be the easiest way to transfer property, but it does not come with the most peace of mind. For better buyer legal protections, a warranty deed may be more suitable.
Complete the Correct Forms
To transfer property using a quitclaim deed, you will need to locate your state’s official form for doing this. State treasury departments usually handle these forms, and they can offer guidance on more questions. And heads up: You will likely need to find a notary to notarize the deed before it can be officially filed. Sometimes people worry about this part, but there is no need. There are many professional notary options available. You can choose between a mobile notary or many in-person notaries to meet your needs.
Remember Your Taxes
Any time you transfer property, an important thing to keep in mind is the loss or addition of a tax liability. State laws and the relationship between you and the person you transfer property with can impact how the government will tax it. For example, there are states that exempt property tax uncapping if the transfer is between spouses.
Depending on your circumstances, transferring property does not have to mean there are complications. Often, a simple quitclaim deed can satisfy the needs of transferors.