Legal Question in Wills and Trusts in Ohio

quit claim or gift

My brother and I inherited our parents home. I do not want the home and my brother does. Which is better a quit claim or gift transfer? The home is valued at 160,000 but needs work. I am willing to take 60,000 for my 1/2. What is the best way for me to handle this?


Asked on 7/14/08, 9:30 pm

1 Answer from Attorneys
Nancy Fioritto Patete Nancy Fioritto Patete, Esq.

Re: quit claim or gift

If you are being paid $60,000 for turning over your share of the real estate, this is not a gift transfer. You are quit claiming your share over to your brother.

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Answered on 7/15/08, 7:52 am


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