Legal Question in Real Estate Law in California
Quitclaim or Grant Deed?
Me, my husband and his parents are listed on the deed as joint tenants. We want to refi but need to remove me & my husband for the best rate to apply. I was going to do a quitclaim, but I was told that I need to file a grant deed. What is the difference??
Asked on 11/09/02, 2:38 pm
1 Answer from Attorneys
Re: Quitclaim or Grant Deed?
Speak to your lender about what they prefer.
Also plan how to avoid property tax reassessment. You may wish to convey your interest to your husband in one deed, which is recorded before a second deed from your husband to his parents.
You should also consider whether you will be liable for gift tax on the transfer to his parents. There is no gift tax on transfers between spouses.
Answered on 11/09/02, 3:39 pm
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