Legal Question in Real Estate Law in Utah
quit claim deed
On the Quit Claim form I am fiiling out there is a space for the dollar amount of the property. I would like to know wheather that amount will matter in any way on any amount of fees or taxes or other charges in the future. In other words can I just right an aproximate figure or does it need to be appraised?
2 Answers from Attorneys
Re: quit claim deed
Utah is a non-disclosure state, i.e., one need not disclose on the transfer documents the amount of consideration. a typical entry in a Utah Quit Claim deed for the consideration amount is "Ten Dollars and other valuable consideration."
FYI, there are no transfer taxes in Utah so the amount of consideration is irrelevant for recording purposes.
Re: quit claim deed
I assume this is for purposes of reassessment. If you are transferring property in an exempt transaction, you must indicate that fact and the statutory exemption upon which you rely. Otherwise, it well be the starting point for the County Assessor in determining what taxes are assessed.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
