Draw On Legal West Virginia Real Estate Closings Forms For Free

A West Virginia quitclaim deed is the simplest method for property owners to transfer ownership. This type of deed transfers the grantor's property interest without any additional legal promises. Quitclaim deeds are particularly effective for transferring property within a family or into a trust.

Declaration of consideration or value. A deed that requires payment of transfer tax must include a declaration of consideration or value on its first page or at the end of the document. The declaration states the property's value or the payment, called consideration, made for the property.

West Virginia has legalized TOD deeds by enacting the WV Real Property Transfer on Death Act. Previously, a property owner would most likely have named a beneficiary by creating a life estate with a remainder interest, a more complicated option usually involving a property lawyer.

The state calls West Virginia's transfer tax an excise tax on the privilege of transferring real property. It is paid to the county clerk when recording most real estate deeds. The tax amount is based on the property's value and is charged at a rate of at least $1.65 per $500.00 of value.

Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)

The followings are exempt from the transfer tax: (1) wills; (2) testamentary or inter vivos trusts; (3) deeds of partition; (4) deeds made pursuant to mergers of corporations, limited liability companies, partnerships, and limited partnerships; (5) deeds made pursuant to conversions to limited liability companies; (6) ...