When transferring property in Louisiana via a quitclaim deed, it’s important to consider the costs involved. Filing a quitclaim deed incurs fees and taxes at county, state, and federal levels. Louisiana’s regulations specify fees for filing, which are determined by the document’s length and nature and are handled by district court clerks.
Filing Fees
When filing a quitclaim deed in Louisiana, it’s crucial to be aware of the associated costs, which are determined by the document’s length and the clerks’ duties as ex officio recorders. Here’s a detailed breakdown as per (§ 844(A)(1)(a):
- For documents ranging from one to five pages, the fee is $100.
- Documents spanning six to twenty-five pages incur a $200 fee.
- A twenty-six to fifty-page document costs $300 to file.
- For documents exceeding fifty pages, there is a base fee of $300 for the first fifty pages, with an additional $5 charged for each page thereafter.
- If a document requires indexing for more than ten names, an extra $5 per name is charged after the tenth name.
- These fees include the cost of indexing up to ten names and one certified or e-certified copy of the recorded document.
- Special provisions exist for certain actions, such as a $50 fee for recording acts or affidavits to cancel a single mortgage, lien, or privilege.
- If a document needs to be filed in both the mortgage and conveyance records, fees are assessed separately for each record.
- The standard recording fees apply regardless of whether the document is on eight-and-a-half-by-eleven-inch or eight-and-a-half-by-fourteen-inch paper. A $20 additional fee is levied for any other paper sizes.
Additional Services and Fees
- Notarizing acknowledgments of acts executed under private signature costs $10.
- A real estate mortgage and lien certificate search is $20 for the first name, with $10 for each additional name, plus $1 for each exception beyond ten.
- Canceling a real estate mortgage with the original note costs $10.
- Copying official documents is priced at no more than $2 per page.
- Attesting any record or providing a file-stamped conformed copy incurs a fee of $10 and $5, respectively.
Document Specifications
For successful filing, every document must be properly captioned on the first page to indicate the type of act, and it should adhere to specific margin and type size requirements. This ensures clarity and uniformity in public records.
Understanding these fees and requirements is essential for anyone looking to file a quitclaim deed in Louisiana, ensuring a smooth process while adhering to the state’s legal standards.
Taxes
Both the grantor and the grantee can see tax implications related to real estate transactions, including property exchanges backed by a quitclaim deed. Discuss your personal tax needs with an accountant to make sure you understand any taxes you will have to pay and how those taxes can impact your finances.
Real Estate Transfer Tax
Louisiana does not have a real estate transfer tax, so you will not have to pay taxes on the exchange of property via quitclaim deed.
US Gift Tax
Louisiana does not have its own gift tax to consider when transferring property. The United States allows exemptions for gifts up to a certain amount each year; however, due to the significant value of real estate transactions, they often fall over the exemption amount for gift taxes.
Capital Gains Tax
The capital gains tax is a tax assessed on the amount the value of a property has increased between the time when the owner bought it and when they sold it. Real estate often continues to increase significantly in value over the years it is owned. As a result, many property owners will face significant capital gains when they sell.
The United States assesses a tax on that amount, but does allow exemptions when the property was used as the owner’s primary residence, which means they lived in it for at least two of the last five years. Louisiana also assigns its own capital gains tax, which is based on the value of the gain. Consult an accountant to determine how those tax rates will impact you.
