Posts Tagged ‘gift deed’

The Difference Between Quitclaim Deeds and Gift Deeds

Friday, March 14th, 2014

Quitclaim deeds and gift deeds accomplish similar ends, but there are slight differences in the two that inform under what circumstances they should be used. In this week’s blog, we’ll discuss the differences between quitclaim and gift deeds, when they should be used, and their limitations.

Quitclaim Deeds

Quitclaim deeds can be used to transfer ownership of a property between two parties, with or without compensation. If there is a payment involved, it has to be noted on the deed, reported on federal tax returns, and sales tax will be assessed to the grantor. Quitclaim deeds are commonly used in a divorce as a way for one spouse to transfer his or her ownership of the property to the other. However, although the grantor transfers his or her ownership, quitclaim deeds “do not relieve the grantor from any debt or encumbrance on the property, including mortgage payments or tax liens. Neither do quitclaim deeds transfer ownership of any possessions on the property’s premises.”

Gift Deeds

Gift deeds are usually used when the sole owner of a property wants to transfer ownership to another party. This makes them common among relatives and friends. Gifting property has to be reported on federal tax returns. If there are any encumbrances on the home, the donor of the property is still financially responsible for them.

 

types of property deeds

 

American Home Title Group has been helping Marylanders with their title needs for over 25 years. In the ever-volatile real estate industry, a company’s longevity can be attributed to the quality of its work. With more than 120 years of experience in real estate and titles, American Home Title Group is your Howard County title company ready to provide you with the best experience possible in every capacity.

To get you started on the way to titling your home, try our free title settlement quote program here. You can fill it out for a free, no obligation title quote. It’s easy and fast so you’ll have the information you need in seconds. Contact us for more information about our title and other real estate services.

As your title company, American Home Title Group is ready to assist you today with a variety of real estate needs you may have. Contact us now to begin your home titling process. Our phone number is 410-750-8500. To reach us via email, please send a message to info@americanhometitlegroup.com. Follow our blog and keep up with us on Google+Facebook, and Twitter.

 

Source

http://homeguides.sfgate.com/quitclaim-deed-vs-gift-deed-1494.html

 

Gift, Deed-In-Lieu of Foreclosure, and Tax Deeds

Thursday, February 20th, 2014

In a recent blog we discussed grant, warranty, and quitclaim deeds, all of which are used to give ownership of a property to the holder of the deed for that property. In this week’s blog we’ll cover some of the lesser known types of deeds that are not used as commonly but still may apply in certain situations. These include gift deeds, deeds-in-lieu of foreclosure, and tax deeds.

Gift Deeds

Gift deeds are used to transfer property without money. Gift deeds are commonly used when property is transferred between relatives.

Deed-In-Lieu of Foreclosure

This deed may be used when the seller of a property is under threat of foreclosure. The seller may ask the seller to accept the deed-in-lieu of foreclosure to avoid foreclosure.

Tax Deed

Tax deeds are used when the home is sold to pay unpaid property taxes.

 

types of property deeds

 

 

American Home Title Group has been helping Marylanders with their title needs for over 25 years. In the ever-volatile real estate industry, a company’s longevity can be attributed to the quality of its work. With more than 120 years of experience in real estate and titles, American Home Title Group is your Howard County title company ready to provide you with the best experience possible in every capacity.

To get you started on the way to titling your home, try our free title settlement quote program here. You can fill it out for a free, no obligation title quote. It’s easy and fast so you’ll have the information you need in seconds. Contact us for more information about our title and other real estate services.

As your Howard County title company, American Home Title Group is ready to assist you today with a variety of real estate needs you may have. Contact us now to begin your home titling process. Our phone number is 410-750-8500. To reach us via email, please send a message to info@americanhometitlegroup.com. Follow our blog and keep up with us on Google+Facebook, and Twitter.

 

Source

http://www.realtor.com/home-finance/homebuyer-information/deed-preparation-and-real-estate-transfer.aspx