Legal Question in Real Estate Law in New Jersey

Re: Quitclaim Deed

yes

Re: Quitclaim Deed

Yes and no. The mechanical process of transferring real property by quitclaim deed is relatively simple. However, there are other factors to be considered. First, a transfer of interest may be complicated if there is a mortgage of any kind (including a home equity loan) on the property. That is because the transfer is likely an act of default and will trigger the requirement for immediate repayment. Second, if mother's interest is more than $10,000, the transfer may require payment (by her) of gift tax on the amount in excess. It is usually possible to avoid this tax. Mishandling this can generate a taxable event that cannot be undone if the mother dies within a short period of time. Finally, there can be concerns about overreaching in the same way as if influential one beneficiary gets all under a will.

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