Legal Question in Real Estate Law in Virginia

My name is currently on a deed and not associated with the mortgage. I would like to remove my name off the deed, but not incur any significant tax charges. What is best and most beneficial for tax reasons, a gift deed or quitclaim deed?


Asked on 8/02/11, 6:41 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

They are not inconsistent - a deed of gift is a deed with no consideration, and a quitclaim deed is a deed with no warranties of title. So it is possible to give a deed with no warranties of title as a gift. The Virginia Code exempts gift deeds from recordation and transfer taxes.

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Answered on 8/02/11, 10:28 am


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