Mississippi quitclaim deed 2025

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Quitclaim deeds are typically used to transfer property in non-sale situations, such as transfers of property between family members.
The way a quitclaim deed works is that this type of transfer makes no seller guarantees. It merely states that the seller transfers any ownership interest to the buyer. So if the seller has absolutely no ownership interest in the property, thats precisely what transfers in a quitclaim deed to any buyer.
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.
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.
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.
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Code Ann. 25.7. 9 notes there is a $25 fee for filing a deed, with an additional $1 fee for each page over five. In addition, you will have to pay a $1 fee for the chancery court clerk to certify any copies of the deed that you may need for future use.

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