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Does the recipient of property from a quit claim deed have to pay gift taxes?
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Who pays the taxes when there is both a deed and a deed of trust?
Generally, the fee owner of the property is responsible for paying the property taxes. That would be the grantee in the deed of conveyance. In this case the 'deed of trust' is assumed to be a mortgage.
When you receive real property with a gift deed are any taxes due?
Income taxes are not due for this type of transaction. The person giving the gift may be required to file a gift tax return if the property is valued over the threshold depending on what year the gift was given and recorded. If you sell the property, you will have a reportable income from the sale but at the time you are given the property you will not have to pay income taxes.
What is a property tax sale auction?
Cities and Counties use property tax sales to collect delinquent property taxes. About 4% of property taxes are delinquent each year and this is the method the taxing authorities use to collect the taxes. There are two types of sales, tax lien sales, where they sell a lien on the property to an investor (who will earn a very attractive interest rate and get the property if they are not paid back), and tax deed sales where the taxing jurisdiction sells the property outright. To learn more about tax sales go to the related link.
How can you acquire a 25 x 100 lot if there is 20 years of property tax owed on it and no heirs can be found?
I dont' know how it is in all localities, but here it is a __ step process.The county or state treasurer must declare the property taxes are in arrears. Then the property is listed in the sheriff's auction and anyone willing to pay the full back taxes then becomes the legal title holder. That has happened a number of times here to $150,000 homes with families still living in them who owed a couple years back taxes... The entire property was purchased for less than $8k.Good luck on the property -The actual procedure will very from state to state. California, the auction does not need to be conduct by a Sheriff and the property can be auctioned off after 5 years of delinquent property taxes. The best thing to do is contact tax collector or county assessor to about local procedures.Local lawsYes, it depends upon local laws and regulations. The tax collector may have to meet certain standards of diligence in attempting to locate and notify the current owners, and attempting to collect, prior to filing a tax deed to the municipality. After that, the local laws may permit public sale (auction) of no more than a quitclaim deed, or may provide a "bargain and sale deed" if the payment covers the delinquent taxes. Please be aware the most property acquired by tax auction is deeded to the new owner with a quitclaim deed which does not provide the same level of ownership and protection as a normal warranty deed.
What happens if the tenant pays property taxes can the tenant claim ownership?
No, the owner is identified by recorded warranty deed. There are all type of rental agreements, if you agreed to pay the property taxes, it's just a part of your rent. Net leases, net/net, or triple net are good leases to get if you are the property owner. Now, if the taxes are unpaid and on April 15, you go pay them through a tax certificate sale, after two years, you are eligible to take it 'to the courthouse steps' where you can bid against others for rights to the property. Oftentimes though, all you get is your money back with the 5%+ interest. In order to get the certificate, you have to bid what interest you want on your money, in my county, the minimum is 5%. So, if you really want the property and don't mind waiting, you can bid 0% because you are guaranteed 5%. It varies from county to county and state to state, but you can check it out with your county tax collector. Although if you are a tenant and just pay the property taxes, this does not constitute ownership.
what is a ouick claim deed?
Quick Claim Deed is usually misspelled and should be Quit Claim Deed. If you are granting the deed you are "quitting" any interest in the property. A quitclaim deed is a fast and effective way of transfering property.
What does it mean when you say quitclaim?
A quitclaim deed is a legal instrument by which the owner of a piece of real property called the grantor, transfers any interest to a recipient, called the grantee.The owner/grantor terminates (quits) any right and claim to the property, thereby allowing claim to transfer to the recipient/grantee.
What is A written claim to some piece of a property?
A written claim to some piece of property
Who pays the taxes when there is both a deed and a deed of trust?
Generally, the fee owner of the property is responsible for paying the property taxes. That would be the grantee in the deed of conveyance. In this case the 'deed of trust' is assumed to be a mortgage.
Quit Claim Deed?
Quit Claim Deed(Download)I, ______________, of _____________, _______, the grantor, for and in consideration of one dollars ($1), receipt of which is hereby acknowledged conveys and quitclaims to ________________ of ________, ________, all interest which I (we) have, if any, in the following described real estate:____________________________________________________________________________________________________________Dated: ______________________, 20____________Witnesses:______________________________________________Name:______________________________________________Name:Before me, the undersigned notary, ______________ acknowledged before me that ______________ executed this warranty deed as their free act and deed, and that the witnesses stated above witnessed at the request of ______________ the execution of this deed intending to be bound thereby._______________________________________________NotaryMy Commission Expires on:Quit Claim DeedReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. The Quit Claim Deed should be notarized and filed with the appropriate local registry of deeds.1. Make multiple copies. Give one to the signatory and the recipient should keep one with the appropriate file after recording it with the local registry of deeds.
What kind of deed do I need to add my husband's name to the property?
quit claim deed
Can you force someone to sign a quit claim deed to jointly-owned property if they have not paid their portion of the mortgage or property taxes?
You do not have the authority to force a co-owner to sign a deed. You would need to sue in court and obtain a court order that they convey their interest to you.
If your daughter lives in your house for two years rent free and you have paid the insurance and taxes does she have the right to claim the house?
If your name is on the deed, it is your house. A judge's decision should go in your favour if you have paid the insurance and taxes because she has no real claim to owning the property.
Is a warranty deed needed along with a quit claim deed when transferring property to a love one?
A warranty deed guarantees that a property owner has the clear title to a property and the right to sell it. Quit Claim assigns and interest to the property. Check with your state laws, but in many states the QC is enough.
Written claim to some piece of property?
A written claim to a piece of property is a deed. It could also be a title, like in the case of a vehicle.
Does adding someone to Quit Claim Deed mean that the original owner is permanently forfeiting total ownership of the property?
A quit claim deed gives whoever is on it the same rights to the property as the original holder had. If you create a quit claim deed for property you hold title to and put your own name on it along with someone else, you are essentially splitting the property in half.
What is a written claim of property?
Real property is transferred to another owner by a deed. A deed is a written legal document that is used to transfer the title to real property.
