Carl Glendon

Advantages of Quick Claim Deeds And When To Use Them

You may have heard a million times that quick claim deed for property comes with a baggage of disadvantages starting with the fact that it contains no guarantees for just about anything associated with the concerned asset or assurances made the owner. But, did you know that there are a number of benefits associated with quick claim or quitclaim (as it is legally known as), that makes it incomparably relevant under certain given conditions.

Benefits of Quick Deed Property Transfer...

(i) Simplicity in the process - Quick claim property transfer is perhaps one of the simplest known processes that requires minimal paperwork and scratch basic expenses. In fact, through proper online legal platforms, quick claim forms can be obtained for free as well.

(ii) Tax advantages - There are inherent tax advantages associated with quick claim transfers of property. Given the fact that there is no money involved in passing property rights from the owner to the heir, it is not considered as an income and is therefore exempt from income tax. However, quick claim transfers do come under gift tax which is exempted to a limit of $1 million in a life time or 13,000$ per year before tax laws apply. Therefore, if exemptions have not been used by the owner till date and the valuation of the property is less than a million, the transfer can be completely tax free.

(iii) Property dues do not get transferred with quick claim - This is a welcome advantage especially when the property is still under mortgage or any other such obligations as such. Here, the recipient of the property is entitled to usage of the premises but is not liable to pay the existing dues and liens associated with the same. With quick claim, clearing dues on the transferred property remains the sole responsibility of the previous owners.

Dodging lengthy and hassling procedure of property transfer through probate is also counted among the core benefits of quick deed property transfer. Please visit this site to get a quitclaim deed form in Pennsylvania.

Author Resource:

Carl writes often about online legal drafting like affidavit, bill of sale and quitclaim deed forms to help the people. You can find his thoughts at quit claim deeds blog. To learn more about drafting a quitclaim deed form in Delaware online, visit this website.