An Idaho quitclaim deed allows a property’s owner, known as a grantor, to convey rights and interest in a property to someone else, known as a grantee, without any guarantees of ownership or title search. This type of deed works best when the two parties know and trust one another.
Laws & Requirements
Statute: Idaho Statutes § 55-612: The word “grant” should not appear in the deed as it creates an implied guarantee.
Signing Requirements: § 55-805: A notary public must acknowledge the grantor’s signature.
Recording Requirements: Quitclaim deeds require recording with the Idaho County Clerk and Recorder in the county where the property is located.
Transfer Tax: No.
Additional Documents: § 55-2504: Residential Property Disclosure Statement.
How to File
- Provide Preparer’s Details: Fill in the preparer’s information and the recipient’s address.
- Specify Property Consideration: Note any payment made by the grantee for the property.
- Input Grantor and Grantee Data: Enter the full names and addresses of both parties.
- Provide Property Details: Write the county where the property is located and include the legal description.
- Sign and Notarize: Sign the document in front of a notary public.
- File and Await Processing: Take the deed to the Idaho County Clerk and Recorder for filing, pay fees, and wait for processing, typically 7-10 business days.
Costs and Fees
Filing Fees:
- Base fee of $15 for first 30 pages; $3 per additional page; $11 for maps or plats; $5 per page for surveys.
Taxes:
- U.S. Gift Tax (Form 709): Property qualifies as a gift if transferred without consideration or with a nominal payment below its value.
- Capital Gains Tax: For cases where property is exchanged for more than its cost.
Frequently Asked Questions
How long is a quitclaim deed good for in Idaho?
After it is recorded, the quitclaim deed itself will never expire in the state of Idaho. However, anyone looking to contest the claim of ownership within the quitclaim deed must do so within four years, at which time the statute of limitations for recovering property expires (§ 5-224 and § 6-401 enforce this, as used in the case Brown v. Greenheart, Idaho Supreme Court, Op. No. 100).
Can I use a quitclaim deed to transfer property with an existing mortgage?
Yes, you can use a quitclaim deed to transfer property with an existing mortgage in Idaho. However, it’s important to note that transferring the property doesn’t remove the original borrower’s responsibility from the loan unless the mortgage is refinanced or assumed by the new owner.
Does a spouse have the right to property after signing a quitclaim deed in Idaho?
In Idaho, signing a quitclaim deed typically relinquishes any ownership interest in the property. However, the specific rights of a spouse after signing a quitclaim deed can depend on various factors, including marital property laws and any agreements between spouses. It’s advisable to seek legal counsel to understand the implications fully.
