#QUIT CLAIM DEED HOW TO#
#QUIT CLAIM DEED FREE#

The rule is that the mortgage does not follow the quitclaim deed. How a quitclaim deed effects a mortgageĪ common question is whether a quitclaim deed removes the grantor's name from the mortgage. It's also possible that could miss some exemptions. Otherwise, you could be stuck with capital gains taxes if you try to sell the property at a later date. You may want to discuss your real estate transfer with your tax adviser.

There are many exemptions to real property transfer taxes, but they have to appear on the quitclaim deed for you to qualify for the exemption. There is a documentary tax in California, but there's an exemption if the transfer was the result of the grantor's death. There is no gift tax when a spouse transfers the deed to the other spouse or when the deed is placed into a trust. If no money changes hands between the grantor and the grantee, a gift tax applies and you must file a United States Gift (and Generation-Skipping Transfer) Tax Return ( Form 709). Like other deeds, quitclaim deeds require payment of all back taxes before the grantee can receive the property. Quitclaim deed tax implications in California The cost is reasonable compared to fees in other states. As of 2018, for example, the costs in Los Angeles County include a base fee of $15 and additional fees of approximately $87. The cost of a California quitclaim deedĪs in other states, a quitclaim deed in California comes with filing costs, which vary by county. You can find the forms in the County Clerk's Office, Recorder's Office, or Assessor's Office. Get the forms from the county where the property is located. Make sure to file a Preliminary Change of Ownership Report and a Documentary of Transfer Tax or a Notice of Exempt Transaction. Next, take the quitclaim deed to the County Recorder's Office. First, you need to make sure you fill out the quitclaim deed properly and get it notarized. Unless there are tax exemptions, which is a complicated subject not covered in this article, filing a quitclaim deed is relatively easy in California.

#QUIT CLAIM DEED HOW TO#

How to file a quitclaim deed in California As with grant deeds, forms for California quitclaim deeds vary from county to county, so be sure to get the form from the county where the property is located.

If not, the grantee shouldn't accept a quitclaim deed. The key issue with a quitclaim deed is that the grantee should have absolute trust in the grantor. You can also use a quitclaim deed to transfer property to an LLC. Grantors generally use a quitclaim deed in specific situations, such as transferring property from a parent to a child, transferring property to a spouse in a divorce, or transferring the property into a living trust. As the grantee of a quitclaim deed, you don't have the right to sue the grantor for damages, making a quitclaim deed risky. Anyone can give someone a quitclaim deed, but if the grantor doesn't actually own the property, the deed is worthless. The grantor can only give you what he owns, so if he owns half of the property, he can only convey his half.

#QUIT CLAIM DEED FREE#

Quitclaim deeds in CaliforniaĪ quitclaim deed, unlike a warranty deed, doesn't provide any guarantees that the grantor actually owns the property free and clear. Because grant deeds vary in format from county to county, make sure you get a grant deed used by the county where you are filing, which should be the county where the property is located. If a problem should arise with the property, such as the buyer, or grantee, discovering there's a lien on the property, the warranty deed gives the grantee the right to sue the grantor.Ĭalifornia uses the term ' grant deeds' instead of warranty deeds.

Because a warranty deed shows that the grantor, or person making the transfer, actually owns the property, it is the type of deed most often used in California real estate transfers. In California, warranty deeds are called grant deedsĪ warranty deed is a type of deed in which the owner guarantees he has good title to the property and the property is free and clear of liens and other encumbrances. The difference between the deeds is substantial, so it's important to know which to use for your particular situation. If you have real estate in California that you want to convey or transfer to someone, you can use either a quitclaim deed or a warranty deed.

Quit claim deed