Posted on: 01st Jul, 2010 02:15 pm
I have a house. (pay off).
I will try to add my brother's name on the title of the property(house)
through Quitclaim deed. ( It is not buying and selling.)
After adding my borther's name on the title of the property,
is there any tax which my brother should pay due to adding his name
on the title of the house?
I will try to add my brother's name on the title of the property(house)
through Quitclaim deed. ( It is not buying and selling.)
After adding my borther's name on the title of the property,
is there any tax which my brother should pay due to adding his name
on the title of the house?
Hi Moon!
Welcome to forums!
While the property deed is signed in order to add your brother, both of you would be liable for paying the transfer fees, deed recording fees, stamp doc fees, etc. If your brother wishes, he can pay those fees or both of you can jointly pay those fees.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
While the property deed is signed in order to add your brother, both of you would be liable for paying the transfer fees, deed recording fees, stamp doc fees, etc. If your brother wishes, he can pay those fees or both of you can jointly pay those fees.
Feel free to ask if you've further queries.
Sussane
Thank you, Sussane.
May I ask one more question?
After adding my brother on the title of the property, is there any State Tax or Federal Tax which he should pay besides transfer fees, deed recording fees, stamp doc fees, etc?
Thank you.
May I ask one more question?
After adding my brother on the title of the property, is there any State Tax or Federal Tax which he should pay besides transfer fees, deed recording fees, stamp doc fees, etc?
Thank you.
Hi Moon,
Depending upon the state laws, you may be liable for paying state taxes. You can contact an attorney and he will help you in knowing the details in a better way.
Thanks
Depending upon the state laws, you may be liable for paying state taxes. You can contact an attorney and he will help you in knowing the details in a better way.
Thanks
A quitclaim deed is a legal document that transfers a share in the property's interest from the granter to the grantee. It however, does not warranty the ownership right. A granter is not free of his responsibilities even after signing the quitclaim. So, in your case, both of you are entitled to pay taxes.