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Quit Claim Deed when no money are exchanged

1 Answers. Asked on Jul 02nd, 2017 on Real Estate - California
More details to this question:
Few years ago my sister gave me money to purchase and rehab a foreclosed home all cash in California. We made a note at that time that I received all money from her and the house is hers, it will only be temporary on my name and at a later date I will change the ownership to her through a quit claim deed. I am working right now on the Quit Claim Deed. Due to no money exchange or sale, no valuable consideration since were my sister's money to begin with, what exception can I use to avoid transfer tax? Also on Preliminary Change of ownership report what selections should I pick on Part 1, 2 and 3 , as none apply. Thank you so much.
Answers Showing 1 out of 1
Answered on Jul 05th, 2017 at 9:55 AM

You held title as secuirty for repayment of the loan. Now the loan has been repaid and you are returning title. So check the boxes for pay off of a loan or lien.

Please use a Grant Deed, and not a Quitclaim Deed. A Quitclaim Deed leaves open questions about what title the Grantor owned and what title the Grantee received.

There are a bunch of things the county recorder will require on the deed. Either walk it through the recorder's office, so you can make any changes the recorder wants, or have a knowledgable attorney do it. If you mail it in, there is a chance the recorder will mail it back, because you left something out or wrote the check for the wrong amount.

If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business.

Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need.

Dana Sack

 

 

 

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