Why would someone do 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 get divorced and one spouse's name is removed from the title or deed.

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Colorado Quitclaim Deed - Two Individuals to One Individual

Colorado Quitclaim Deed - Two Individuals to One Individual

Name: Colorado Quitclaim Deed - Two Individuals to One Individual
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.63 (323 reviews)

Category:

Colorado Real Estate - Deeds - Quitclaims

State:

Colorado

Control #:

CO-05-77

Format:

Instant download

Description

This form is a Quitclaim Deed where the grantors are two individuals and the grantee is an individual. Grantors convey and quitclaim the described property to grantee. This deed complies with all state statutory laws.

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FAQ

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 get divorced and one spouse's name is removed from the title or deed.

Transfer documents (Warranty Deeds, Quit Claim Deeds, etc) will be assessed a documentary tax if the consideration is $500 or more in addition to the recording fee. The documentary tax is $. 01 per $100. Plats are assessed a recording fee of $13 for the first page and $10 for each additional page.

Under the gift tax rules, the grantor must pay tax on the property through a federal income tax return. The recipient of the property is allowed to pay the tax if she agrees to make the payment. Individuals are allowed an exclusion of $13,000.

If the quitclaim deed requires the signature of all co-owners, the deed is invalid unless all co-owners have signed it and the deed is then delivered to the grantee.If one individual owns real estate and desires to add a co-owner such as a spouse, a quitclaim deed might be used.

Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder's Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.

The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.

Once you sign a quitclaim deed and it has been filed and recorded with the County Clerks Office, the title has been officially transferred and cannot be easily reversed. In order to reverse this type of transfer, it would require your spouse to cooperate and assist in adding your name back to the title.

A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.

In Colorado, a quit claim deed is a legal document used to transfer property from an owner to a seller in an expeditious fashion.Essentially, a quit claim deed only guarantees that a seller cannot come back at a later date and claim any interest on a property after he or she sells it.

Colorado Quitclaim Deed - Two Individuals to One Individual

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FAQ

Why would someone do a quit claim deed?

How much does it cost to file a quit claim deed in Colorado?

Who pays tax on quitclaim deed?

What makes a quit claim deed invalid?

Can I quit claim my property to anyone?

What are the disadvantages of a quit claim deed?

What happens if I sign a quit claim deed?

Does a quitclaim deed give you ownership?

How does a quitclaim deed work in Colorado?

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