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In addition the following information should be included: The Payee Name. The Owner(s) of the mortgage holder. Total amount of mortgage. Mortgage date of execution. Full and legal description of the property to include tax parcel number. Acknowledgement that all payments have been made in full.

Laws & Requirements Recording Requirements: Delaware Code Title 9, Chapter 96: Delaware has three districts to record quitclaim deeds, and fees vary by county: Fees in Kent County start at $36.00/document, $10.00/page, and $5.00/tax parcel number. Fees in New Castle County are $13.00/page and $3.00/parcel description.

In Delaware, title to real property devised by will or passed by intestate succession vests ?immediately upon death to the beneficiaries? and does not require a new deed. The chain of title is reflected ?through documents filed at the Register of Wills office and forwarded to the County Assessment Office? [1,2,3].

A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.

Delaware taxes real estate transfers at 4% of the purchase price for the property being transferred. However, Delaware law has a provision that allows for the county where the property being sold to levy a real estate transfer tax of 1.5%.

Gifts of real property in Delaware are, however, subject to the federal gift tax. The person or entity making the gift (grantor or donor) is responsible for paying the federal gift tax; however, if the donor does not pay the gift tax, the donee will be held liable [1].