Posted on: 06th Jul, 2011 05:27 pm
I bought a property with a small portion quitclaim deeded to the city. The paperwork itself does not reference any money exchanged from the city to the prevoius owner. My question is whether a deed of this nature requires some kind of token given to demonstrate a reason/motive for the transfer of interest. Much like in the case of a bill of sale.
Hi kevin!
Welcome to forums!
It is not mandatory for the grantee to provide money to the grantor. However, if no money is exchanged, then the property transfer will be considered as a gift transfer.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is not mandatory for the grantee to provide money to the grantor. However, if no money is exchanged, then the property transfer will be considered as a gift transfer.
Feel free to ask if you've further queries.
Sussane