Posted on: 04th Mar, 2009 12:22 pm
my aunt quit claimed a home in detroit, mi in 2003. the quit claim deed was filed with the county's registrar office in 2003. i just found out that we failed to fill out a property transfer affidavit with the city of detroit; thus, the city does not have record of the name change. i have been paying the mortgage and property taxes with no past problems and i do not foresee any problems in future. i plan to keep paying on time. when i enquired with the city on how to transfer the property name at this time, i was told there would be a penalty since i was filing after 45 days of deed registration and also the taxable value of the home would be uncapped due to transfer, resulting in doubling the tax value of the home. is there an legal solution to preventing paying extra taxes? i would like to keep the taxable value of home the same. should i just not do anything and keep things the same? if so, will there be bigger consequences if i seel the house in the future?
Hi detroit,
Filing a proeprty transfer affidavit form L-4260 within 45 days is necessary whenever a change in ownership takes place. Late filing draws a penalty of $5.00 per day (with a maximum of $200.00). This is used by assessor to review whether a property will have a 'capped' or 'uncapped' taxable value.
I think you need to pay the taxes so the title is changed in your name. Otherwise you will have to face difficulties while trying to sell the property in future, if it is not in your name.
Filing a proeprty transfer affidavit form L-4260 within 45 days is necessary whenever a change in ownership takes place. Late filing draws a penalty of $5.00 per day (with a maximum of $200.00). This is used by assessor to review whether a property will have a 'capped' or 'uncapped' taxable value.
I think you need to pay the taxes so the title is changed in your name. Otherwise you will have to face difficulties while trying to sell the property in future, if it is not in your name.
If a father quit claims property to his 2 children while he is still living, what part is taxible. Say he paid $200,000 and it is now worth $300,000. Are taxes due at time of quit claim or if children sell property.
Hi Susie,
I think the father is transferring the property to the children as a gift. Thus, he would be liable to pay gift taxes. There are certain exemptions in case of gift taxes. You can check it out from the following page:
http://www.mortgagefit.com/gift.html#111114
I think the father is transferring the property to the children as a gift. Thus, he would be liable to pay gift taxes. There are certain exemptions in case of gift taxes. You can check it out from the following page:
http://www.mortgagefit.com/gift.html#111114
Is there a website I can go to for quick claim deed paperwork? A relative wants to quick claim a piece of property in Detroit to me.
Welcome Costan,
You can contact a real estate attorney based at Detroit and he will help your relative in drafting a quit claim deed. You may also check out the sample quit claim deed forms available online.
You can contact a real estate attorney based at Detroit and he will help your relative in drafting a quit claim deed. You may also check out the sample quit claim deed forms available online.
where should I register quickclaim deed for a property located in Westland, Mi? The transfer is from an induidual to LLC set up and operated by the same person. Do I have to file Property Transfer Affidevit, if yes, where?
Hi CHOPRACANTON!
Welcome to forums!
You will have to file the property deed in the county recorder's office where the property is located.
Sussane
Welcome to forums!
You will have to file the property deed in the county recorder's office where the property is located.
Sussane
I quit claimed a property in ?Oct, 2011, paid taxes. NEver received proof of transaction QUIT CLAIM DEED CORRECTED and proof of taxes paid for income taxes
Did that, talked to someone and was told it was coming, NEVER received. Can't get anyone on telephone about taxes. Is receipt enough?
Welcome D Elson,
You should immediately contact a real estate attorney and take his opinion in this matter. He will help you in knowing what actions you need to take in this regard.
You should immediately contact a real estate attorney and take his opinion in this matter. He will help you in knowing what actions you need to take in this regard.