Legal Question in Real Estate Law in Indiana

Re: quit deed

You should re-post the question for an attorney in Indiana. In CA, it's always wise to seek an attorney's advice when dealing with real property, especially considering the reasons for the transfer and how title will be held.

Re: quit deed

You should contact an attorney in Indiana who can take care of this for you. Feel free to email me.

Re: quit deed

Well you would stat with an attorney to prepare the quit claim deed, but I have more questions why you are doing this and how are you being paid. Beware of fraudulant transactions to avoid creditors, it does not work.

Re: quit deed

Quitclaiming from a younger generation to an older arouses suspicion. More than half the time this backwards-gifting is an attempt to "hinder, defraud or delay" an existing or feared future creditor in violation of the Uniform Fraudulent Transfers Act. If this proposed transaction has anything to do with protecting the property from a plaintiff in a lawsuit, a business debt, a divorcing wife, etc., don't get involved because being found out is almost inevitable, and the courts will cancel the deal and hold all participants (donor and donee) liable for damages to the creditor.

A transaction like this is not fraudulent if the grantee pays the grantor a fair price, however.

There are also tax reasons, such as the gift and capital-gains taxes, to do deals like this only after careful inquiry into the consequences.

If you do go ahead with the quitclaim, use an attorney licensed in Indiana. Use of attorneys to convey property is more common in the Midwest than in California, where title and/or escrow companies do most on the uncomplicated real-property transfers without attorney involvement.