Re: Quit Claim Deed- Has anyone done one?
[Re: white17]
#6729724
01/15/20 10:49 AM
01/15/20 10:49 AM
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Joined: Jul 2008
Posts: 105 Texas
daveharmon
trapper
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trapper
Joined: Jul 2008
Posts: 105
Texas
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Ive done 2 quit claim deeds in Wisconsin, no problems at all.
Dave Harmon
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Re: Quit Claim Deed- Has anyone done one?
[Re: white17]
#6729727
01/15/20 10:55 AM
01/15/20 10:55 AM
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Joined: Dec 2006
Posts: 42,240 Northern Maine
Bruce T
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trapper
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Posts: 42,240
Northern Maine
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QUIT Eagleye: I have done a couple quit claims over the last few decades with no problems. I just made sure to record the QC with the state recorder's office. Might be worth a couple hundred bucks to have an attorney in your state look it over before you pull the trigger Interesting.I never heard of them being called quit.Just looked it up. Quitclaim Deed is a document that is used to transfer ownership of real property from one party to another. Quitclaim deeds are also sometimes called quit claim deeds or quick claim deeds because they are a fast way to accomplish real estate transfers.
Nevada bound
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6729730
01/15/20 10:56 AM
01/15/20 10:56 AM
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Joined: Dec 2006
Posts: 42,240 Northern Maine
Bruce T
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trapper
Joined: Dec 2006
Posts: 42,240
Northern Maine
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Have done it a number of times with no problems.
Nevada bound
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6729733
01/15/20 10:59 AM
01/15/20 10:59 AM
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Joined: Sep 2008
Posts: 6,704 Newark, Ohio 83 years
Actor
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trapper
Joined: Sep 2008
Posts: 6,704
Newark, Ohio 83 years
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Depending on the state there can be some associated costs. What I have seen in most states is that there are filing fees and I understand there can be some taxes charged in others. You need to check with your county offices.
Garry-
“Don't pick a fight with an old man. If he is too old to fight, he'll just kill you.”
Have been trapping 77 years…
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6729750
01/15/20 11:26 AM
01/15/20 11:26 AM
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Joined: Jun 2015
Posts: 4,983 rogers city mi.
jeff karsten
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Joined: Jun 2015
Posts: 4,983
rogers city mi.
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Agree with the above An attorney did mine after I went to a title company and that's the advice they gave me There are many different considerations dealing with medicare and extended care facilities and whether you want to be the principal owner or shared owner with your disignation
olden tyred
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6729754
01/15/20 11:35 AM
01/15/20 11:35 AM
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Joined: Jan 2008
Posts: 9,249 Alaska and Washington State
waggler
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Joined: Jan 2008
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Alaska and Washington State
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For what you want to do a quit claim deed is just fine. You would want a warranty deed, or I should say a buyer of your property would want a warranty deed guaranteeing that you have title to your property when you sell it. Quit claim deed is fine for transferring interest into a trust, l l c, or even to another family member.
"My life is better than your vacation"
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6729795
01/15/20 12:07 PM
01/15/20 12:07 PM
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Joined: Jan 2007
Posts: 17,972 MN
160user
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Posts: 17,972
MN
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One thing to consider is if you can still get "homestead credit" or whatever it is called in WI. Here a "primary residence" can't belong to an LLC and needs to be in an individuals name to receive a SUBSTANCIAL real estate tax break. The difference in my home place and 80 acres is around $6,000 per year!
I have nothing clever to put here.
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6730425
01/15/20 09:07 PM
01/15/20 09:07 PM
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Joined: Dec 2006
Posts: 1,580 Duluth, MN
Clark
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Duluth, MN
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...The process is straight forward and easy to do- is there any tax basis consequences or other pitfalls anyone has experienced?
If there is timber on the property and you think you might harvest some in the future you will be money ahead to have a timber basis established at the time the property changes hands. Granted, there has to be an exchange of money for the property which might not be the case but when forested land changes hands a timber basis should be established, unless you enjoy paying taxes on a timber sale that could have had net zero tax consequences.
Common sense is the collection of prejudices acquired by age eighteen. -Albert Einstein
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6730660
01/16/20 12:11 AM
01/16/20 12:11 AM
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Joined: Sep 2010
Posts: 2,786 Northern lower Michigan
Feedinggrounds
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Northern lower Michigan
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I have done my share, along with purchase agreements, not hard really. I also pay a attorney to give them the look over. But I save money doing legwork myself. like courthouse matters and recording. Paying transfer taxes, recording fees. Attorneys charge for legwork, I don't blame them, some running around is involved.
you're only allowed so many sunrises... I aim to see every one of them!
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Re: Quit Claim Deed- Has anyone done one?
[Re: Eagleye]
#6730965
01/16/20 10:06 AM
01/16/20 10:06 AM
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Joined: Jan 2008
Posts: 9,249 Alaska and Washington State
waggler
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trapper
Joined: Jan 2008
Posts: 9,249
Alaska and Washington State
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I have bought a few pieces of timberland where the title company could not provide a title policy due to them not having the necessary information in their title plant. The seller did not want to warrant the title so I did my own title research and was satisfied that it was free of encumbrances. Therefore the seller was provided safety by using a QCD.
Last edited by waggler; 01/16/20 10:08 AM.
"My life is better than your vacation"
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