Posted on: 19th Mar, 2009 03:42 pm
what is the difference on going out of title through a quitclaim deed and a deed of gift? Is a transfer throug a quitclaim deed considered a arms-lenght transaction?
Hi Jenny,
There is not much of a difference between a quitclaim deed and a gift deed. Both can be used to transfer ownership interest in a property. But when buying or selling property, a quitclaim deed is preferable to a gift deed. An arms-length transaction takes place between two parties who are not related to each other in any way. In comparison, a quitclaim deed can be used by anyone, whether related or otherwise, and is often used to transfer property-interest between people within the same family.
Thanks,
Jerry
There is not much of a difference between a quitclaim deed and a gift deed. Both can be used to transfer ownership interest in a property. But when buying or selling property, a quitclaim deed is preferable to a gift deed. An arms-length transaction takes place between two parties who are not related to each other in any way. In comparison, a quitclaim deed can be used by anyone, whether related or otherwise, and is often used to transfer property-interest between people within the same family.
Thanks,
Jerry