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For this option to work, though, the other heirs may have to file quitclaim deeds to relinquish their interest in the property to the buyer. Taxes on inherited property
You may consider a quitclaim deed if one former spouse is remaining in the home and taking over both the loan and full ownership of the home. Tax implications of selling your house after a divorce.
A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction. Typically such a deed will not warrant that the property title is free and clear, and it remains up to the grantee to check that the property is not subject to any legal encumbrances. [11] Usage varies by state, and in Massachusetts ...
A quitclaim deed, sometimes referred to as a non-warranty deed, is a document used to transfer interest in a property. Common terms utilized alongside quitclaim deeds are "grantor" and "grantee."
The names of these offices are usually the "Recorder of Deeds" or something similar. State statutes also prescribe the following elements: What instruments are entitled to be recorded, usually deeds, mortgages (whether or not in the form of deeds of trust), leases (usually longer term varieties), easements, and court orders. There is generally ...
The estate tax is part of the federal unified gift and estate tax in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life. In addition to the federal government, 12 states tax the estate of the deceased.