Legal Question in Real Estate Law in New Jersey

Re: What deed to use in the state of New Jersey

I totally agree with John, also suggesting that you use what is called a Bargain and Sale Deed with Covenants Against Grantor's Acts. I am also presuming that you will be getting some type of tax writeoff as a result of your gift, and there are ceratin documents you should get from the charity to evidence your contribution. I am also presuming that there are no liens against the property and all charges, such as real estate taxes, that could create a lien are current. There are many reasons why you should have an attorney assist you, and I concur that you should consider this in your decision. This is a response to an Internet question and the reply is not to be considered as legal advice or as creating an attorney-client relationship.

Re: What deed to use in the state of New Jersey

The deed to which you refer is a "quitclaim" deed. It is a deed that transfers title without giving any warranty of title. It is normally the appropriate form for transfers to charities.

That said, I would still recommend that you do not do this without involving your lawyer and possibly having some other professional help. If the chartity is legitimate, they should be willing to reimburse you for the modest cost of such representation so that the transaction would still be no-cost to you. Among the other things that a lawyer will help you with are ensuring that the charity is a 501(c)(3) tax-exempt organization and ensuring that the valuation of the property is established so that you can get the appropriate tax deduction. You may also want to place limits on the use of the property. On a closer look, more may surface.

Have your lawyer look at the deal. If you are not represented by a lawyer, feel free to call or email us.

See also: http://info.corbettlaw.net/lawguru.htm