Is a quitclaim deedthe quickest least expensive to way to transfer property?

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Is a quitclaim deedthe quickest least expensive to way to transfer property?

My friend bought a property 8 months ago and they would like to gift it to me. Will there need to be signatures of both parties on quitclain deed and the recorder’s office filing? What are the costs and will I have to pay gift tax?

Asked on January 2, 2012 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

First, if your friend wishes to gift you some property that was bought eight (8) months ago, you would not pay any gift tax, rather he or she would if the property is worth more than $13,000.

A quitclaim may be the easiest way to transfer title to the property to you. I suggest that you and your friend consult with a real estate attorney about having fractionalized interests in the property given to you in an amount of $13,000 per year until your friend's interest in the parcel is zeroed out so he or she does not have to pay any gift taxes.

The costs for the initial quitclaim deed should not be more than $100.00 in legal fees plus the recording fee and any transfer fee tax by the county recorder's office. The person transferring the interest in the parcel to you would sign the quitclaim or gift deed, not you.


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