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2016 U.S. Legal Forms, Inc.PENNSYLVANIA GIFT DEED Individual to Individual Control Number: PA02077I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain form fields created using Microsoft
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Why would you use a quit claim deed?
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners divorce and one spouse's name is removed from the title or deed.
How do I file a quit claim deed in PA?
To file a quitclaim deed in Pennsylvania, sign a quitclaim deed form with a legal description of the property, add the grantee's Certificate of Residence and have all signatures notarized. Then, pay the transfer tax and record it in the recorder's office of the county where the property is located.
Can I sell property with a quit claim deed?
It's an inexpensive way to transfer property, and, while an owner of a property acquired by quitclaim deed can't sell it without a clear title, the property can be sold later after a warranty deed is obtained. You can then buy title insurance and, with legal title, transfer the property through a warranty deed.
Is a quit claim deed the same as a deed?
When to Use a Quitclaim Deed. A 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.
What is the effect of recording a warranty deed?
The legal effect of recording a warranty deed is to provide constructive notice to subsequent purchasers, mortgagees, and/or judgment creditors of the parties to the said agreement (21 P.S. 357).
What do you do with a warranty deed?
What Is a Warranty Deed? A warranty deed is a document often used in real estate that provides the greatest amount of protection to the purchaser of a property. It pledges or warrants that the owner owns the property free and clear of any outstanding liens, mortgages, or other encumbrances against it.
Does a warranty deed transfer ownership?
A warranty deed transfers ownership and also explicitly promises (warrants) that the grantor/seller holds good title to the property. A quitclaim transfers any ownership interest the grantor/seller has in the property, but makes no promises or guarantees about what that interest is or that title is good.
What happens when a deed is recorded?
An owner legally transfers his property to another person on an instrument known as a deed. At the time of transfer, the owner usually records the deed by filing it in the land records of the property's county but it is not required for it to legally transfer title to the new owner.
Is a warranty deed the same as a recorded deed?
Both the warranty deed and deed of trust are recorded with the county clerk or recorder. Generally, the lender sends the documents to be recorded after the closing. The original warranty deeds are often mailed to the grantee after they are recorded.
Can you gift a house in PA?
The only way for your children to avoid the taxes is for them to live in the house for at least two years before selling it. However, the home will remain in your estate, which may have estate tax consequences. PA INHERITANCE TAX ISSUES: In Pennsylvania, there is no gift tax.
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