St. Petersburg Florida Quitclaim Deed - Individual to a Trust

Name: St. Petersburg Florida Quitclaim Deed - Individual to a Trust
Brand: US Legal Forms
Rating: 4.83 (238 reviews)

Category:

Florida Real Estate - Deeds - Quitclaims

State:

Florida

City:

St. Petersburg

Control #:

FL-053-77

Format:

Instant download

Description

This form is a Quitclaim Deed where the Grantor is an individual and the Grantee is a Trust. Grantor conveys and quitclaims the described property to Grantee. This deed complies with all state statutory laws.

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FAQ

The biggest downside to putting your home in a trust in Florida is the cost. A standard revocable living trust will typically cost between $1,500 and $2,500, depending on whether you update your other estate planning documents at the same time.

The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.

A person can file a quitclaim deed by (1) entering the relevant information on a quitclaim deed form, (2) signing the deed with two witnesses and a notary, and (3) recording the deed at the county comptroller's office. In Florida, quitclaim deeds must have the name and address of both the grantor and the grantee.

The process of transferring ownership of a property to a trust requires the owner of the property to prepare and sign a new deed. Although you are not required to seek professional guidance to fill out the necessary forms, the best way to prepare a deed is to work with an expert legal counselor.

A person filing a deed for transfer of Florida real estate ownership must do so through the county comptroller's office where the property is located. There is a small fee for filing and a document stamp tax, which is an excise tax on legal documents delivered, executed or recorded in the state.

Using a Quitclaim Deed in Florida Florida quit-claim deeds must be properly filed and the original document should be recorded in the county where the property is located. One of the parties will pay the transfer tax to the clerk of the court once the deed has been recorded.

In fact, taxes may be due on a quit claim deed even when the property is transferred between spouses. With such transfers, if the property is mortgaged, then tax is generally due on half of the outstanding balance.

The settlor establishes the trust by transferring the property. The trustee is the person in charge of managing the trust. The beneficiary is the one who will benefit from the trust. As the new legal owner of the property, the trustee manages it according to the settlor's wishes outlined in the deed.

Filing With the Clerk A quit claim deed should be filed with the Clerk of Court in the county where the property is located. This will involve taking the deed to the Clerk's office and paying the required filing fee (typically about $10.00 for a one-page quit claim deed).

The beneficiary can (where there is one beneficiary or if there are several beneficiaries and all of them agree) direct the trustee to transfer the trust property to him (if there are several beneficiaries to all of them) or to such other person as the beneficiary (or the beneficiaries may desire).

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Discuss a potential due on sale clause with your lender prior to completing any deed changes. Can I have Homestead in a Trust?Get free access to the complete judgment in FLORIDA BAR v. Oaklawn Cemetery Advertisement (St. Petersburg Times 4 August 1920). LLCs is that a Florida homestead property may be held in a Land Trust. Shallow marine areas in the Florida Keys.

St. Petersburg Florida Quitclaim Deed - Individual to a Trust

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How much does it cost to put your house in a trust in Florida?

What are the disadvantages of putting your house in a trust?

How do I transfer a quit claim deed in Florida?

How do I transfer property to a trust in Florida?

How do I transfer property to a family member in Florida?

What happens after a quit claim deed is recorded in Florida?

Do you pay taxes on a quitclaim deed in Florida?

Who transfers property into a trust?

How much does a quitclaim deed cost in Florida?

How do you transfer property into a trust?

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