What if I Want to Trade, Transfer or Give My Property Away?

As a property owner there may come a time when you are not interested in selling but want to transfer your property to someone, trade it for another property or give it away to a friend or loved one. A great way to transfer your property efficiently and quickly is by utilizing a quitclaim deed (often mistakenly called a quick claim deed).

As a property owner there may come a time when you are not interested in selling but want to transfer your property to someone, trade it for another property or give it away to a friend or loved one. A great way to transfer your property efficiently and quickly is by utilizing a quitclaim deed (often mistakenly called a quick claim deed).

You should contact an attorney for assistance with the following real estate property situations where you want to use a quitclaim deed. Giving property to:

• Someone who co-owns it with you
• A spouse
• A family member
• A Trust Transfer
• Transferring property as part of a divorce settlement

A quitclaim deed is a legal document that allows someone to transfer or convey their ownership in a property without making any guarantees, assurances, or promises about title to the person receiving ownership of the property. This type of deed is usually used by people who are related or friends and trust each other.

According to Section 695.26 of the Florida Statutes, there are requirements for a valid quitclaim deed:

• Both parties’ names
• Legal description of the property
• Witnessed signatures

Can I File My Own Quitclaim Deed?

An individual can file their own quitclaim deed. Although it may seem like a simple thing to do, making one mistake can derail the whole transaction.

There are some issues that need to be considered when thinking about a quitclaim deed transaction:

• Documentary Stamp Tax – In Florida, documents like a quitclaim deed that transfer real property require payment of documentary stamp taxes
• Capital Gains Tax – Even a gifted property may be subject to capital gains tax
• Gift Tax Consequences – Depending on the details, a real property gift may need to be reported to the IRS
• Homestead Tax Exemption – If the property is a primary residence the assessed value may be decreased (by as much as $50,000)
• Community HOAs – There may be ownership restrictions for the person receiving the property

There is more to a quitclaim deed than just filing a form. An attorney that knows the ins and outs of quitclaim deeds can help you to make it a smooth transaction with no surprises to hold up the process. Contact Daniels Law. P.A. for help with your quitclaim deed needs.