Hey there, Casey Diamond here with the Tactile Academy.com. In this video, we're talking about quit claim deeds and what you should know as a Tactile investor. First and foremost, pay attention to the word here. It is a quit claim deed, not a quick claim deed. There's nothing fast about it. So, when you refer to it, make sure you refer to it in the proper context as a quit claim deed. Now, a deed, by definition, is an instrument that transfers property from a seller to a buyer. It is typically recorded in public records and acts to inform the public that a property has been transferred from one person to the next. I guess it could be compared to a car title, if you will. A quit claim deed is a specific type of deed where the seller doesn't warrant the chain of title but instead is selling you whatever ownership they have, if any. This can be compared to a warranty deed, where the seller asserts that they are the owner of the property and the title is free and clear. In contrast, with a quit claim deed, the seller is basically selling you whatever ownership they have in a property, if any. Now, there's a rumor, a story, and a kind of myth floating around out there that says, "I can deed the Empire State Building. I can give you a quick claim deed and basically sell you the Empire State Building." Well, technically, by definition, this could be true, but it doesn't typically work like this. If I go to the recorder's office in New York County and try to sell somebody the Empire State Building, the recorder is going to bounce that deed back to me. They often look at the legal descriptions, and if...
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Quit claim deed tax exemptions Form: What You Should Know
These deeds are exempt from the real estate excise tax under this rule. 11. Real Estate Sales Information RP-5215 Real Estate Sales Report This form requires an original RP-5214 form upon filing, or a new RP-5215 form after the last day of tax season (see schedule below). The completed RP-5215 form must accompany all deeds and correction deeds upon filing. A foreclosure deed or quitclaim deed would fall into this category. 12. For any transfer of real property by gift, pledge or contract and for real estate taxes, see IRM 25.1.3.8.12. Revise Schedule of Taxable Sales If the total sales price of the property, divided by the total number of sales, equals or exceeds 2000,000, add a column to the bottom of the form. Enter the column that contains the total sales price a line item for the applicable tax, and enter the appropriate tax year in the column that contains the sale price.
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