Michigan Quit Claim Deed: Fill & Download for Free

Depending on jurisdiction. In Michigan, you can sell it as a "quit claim deed" transfer, it's usually recorded as a $1-transaction. You wouldn't owe any taxes immediately. But you will once you sell it.Depending on the situation, the entire sale amount may be taxed as profit. Or best case scenario, as capital gains.

Lawyers take entire courses on Real Property Law because it can be questionable and controversial. In the US, different states have different standards but in Michigan its a “race notice” statute.. so the first person to record a claim of the ownership is arguably the owner… but it can get a lot more complicated that that.I have a client who purchased a house seller financed.. (called a land contract) which was not recorded.. so he recorded a “claim of interest” claiming he had an interest in the property pursuant to a land contract. The seller then “quit claimed” his interest to a third party .. and the third party tried to claim the property. My client’s claim of interest secured my client’s interest because it was a “quit claim” the third party received. A “quit claim” only transfers what the grantor owns… since he only owned the sellers interest the third party only owned the seller’s interest. Now my client had to pay the rest of the purchase price to the third party.. but he still got the property. The result might have been different if the seller had granted a “warranty deed” to the third party .. at the very least it would have been a tougher case (a warranty deed carries with it a warranty that the seller owns the property) ...

U.S. perspectiveIf a joint tenant wishes to sell his share, that can be accomplished most easily if the other joint tenant consents to such a conveyance.If the other joint tenant does not consent, then the joint tenant may be able to accomplish his objective via a suit for partition. However, the availability and effect of a suit for partition differs from state to state. For example:In California, the court is obligated to make certain determinations before partition of a joint tenancy will be ordered (for an excruciatingly detailed procedural description, see California Real Property Partition Law & Procedure).In Michigan, a recent case (see Partition Me? Unmarried Joint Tenants with Full Rights of Survivorship Fail to State a Claim in Michigan) held that a joint tenancy can only be partially partitioned: A court can order the division of the joint life estates, but such a division does not and cannot affect the dual contingent remainders, which are indestructible.Answering this quesiton directly: If a joint tenant wishes to sell his ownership interest in the property, and if such a sale is possible, he will need much more than a quitclaim deed.