What Is A Quitclaim Deed What Is A Quitclaim Deed: Fill & Download for Free

You can’t buy property with a Quitclaim Deed.There is no such thing as a Quitclaim Deed.There is a document called a “Quitclaim.”It is not a Deed.I know you’ve seen documents with “Quitclaim Deed” written at the top, and some were even prepared by Lawyers.But, trust me, I’ve been doing this for 40 years, and I owned and operated a Title Insurance Company.If you have one of these documents captioned “Quitclaim,” look at the wording.It says, basically, that “I don’t claim that I own this property, but if I do, I am hereby releasing my claim to you.”That is why it is called a “Quitclaim.”The person signing it is “quitting” any “claim” to the property.Now, there are many types of real Deeds, and they go by many different names, depending on the State where the property is located.The most common is a Warranty Deed.A Warranty Deed says, basically, I warrant that I own this property, this is the legal description, and I am deeding this property to you.A “Quitclaim” does not contain the required legal elements of a Deed, because it does not contain the declaration that the signer is the owner of the property, and that the property is hereby transferred, and is therefore not a Deed.I hope this helps.Good Luck.Michael Lantrip, Attorney | Accountant | Investorhttp://amazon.com/Michael-Lantrip/e/B01N2ZRGUY

What they're actually selling is known as a "quitclaim" deed, which means that the person is selling you whatever interest they happen to have in the property to which the deed refers. This could be complete ownership, or it could be nothing at all. In the case of the moon and the sun, it's nothing at all, because there is no legal mechanism by which anyone can hold a property interest in any part of the sun or the moon at this point in time.

If you transfer ownership of your home from yourself to your son via a quitclaim deed, that will be treated as an inter vivos transfer from yourself to your son on which you may need to pay gift tax (or use some of your lifetime exemption to avoid tax) based on the current fair market value of the house.In addition, the recipient of a gift takes it at the same basis that the giver had in it, which means that if he sells it during his lifetime he will have to pay capital gains tax on the difference between what he sells it for and what you paid for it. However, if you allow the property to pass to your son in your will at your death, his basis in the house will be “stepped up” to its fair market value at the time of your death, meaning that if he subsequently sells it he pays capital gains tax only on the difference between what he sold it for and what it was worth at the time of your death, which is likely a much smaller number.You should discuss this proposed transaction with an attorney. There may be a way to achieve whatever goal you have in mind with less onerous tax consequences, but what that might be will depend on what your purpose in giving your home to your son is.