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Reporting Sales: If the property is sold as part of the quitclaim deed transaction, the sale must be reported on the grantors and potentially the grantees income tax returns. The grantor must report any capital gains from the sale.
What are the disadvantages of a quit claim deed?
Filing Fees Each county charges a standard $10 registration fee when you record a quitclaim deed. Counties also have permission to charge an additional $2 service fee (Tenn. Code 8-21-1001). Please anticipate a $5.00 fee for each additional page in your document.
What are the pros and cons of a quitclaim deed?
Pros and Cons of Quitclaim Deeds Pros. There are several benefits of using a quitclaim deed, including: Simple Process. Completing a quitclaim deed is a simple and straightforward process. Affordable. Quick. Multiple Uses. Cons. No Warranties. Assumption of Liabilities.
What are the requirements for a quitclaim deed in Tennessee?
Quit Claim Deed Owner name and address. Tax bill name and address. Map and parcel number. Grantor and grantee name(s) may convey interest only (no have and to hold language, no warrant defend clauses). Property/legal description. Current derivation clause. Oath of consideration, may have $0.00 or actual consideration.
Who benefits the most from a quitclaim deed?
Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
Quitclaim deeds are typically used to transfer property in non-sale situations, such as transfers of property between family members.
Related links
Forms | Shelby County Register of Deeds
Quit Claim Deed. Close. Word Document | PDF. Records Request Form. Close. All completed forms should be emailed to Archives2@shelbycountytn.gov. PDF. Report of
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