A Mississippi quitclaim deed is an easy tool for property owners (grantors) to transfer ownership without making any promises about the title. A quitclaim deed only transfers whatever interest the grantor has in the property to another party.
Laws & Requirements
Statute: Mississippi Code Title 89 – Real and Personal Property. The Mississippi statutes do not provide a sample quitclaim deed like some other states. Nonetheless, using the term “quitclaim” within your deed is a good idea to ensure that a court interprets the deed as a quitclaim deed in case of a future property dispute.
Signing Requirements: Mississippi Code Sections 89-3-1 and 89-3-7: The grantor must sign the deed in the presence of a notary public or other court officers.
Recording Requirements: Mississippi Code Section 89-5-1: You must record your quitclaim deed with the Chancery Court Clerk in the county where property is located. You will have to pay a recording fee (Mississippi Code Section 25-7-9).
Transfer Tax: No.
Additional Documents: Mississippi Code Section 89-1-503: Before property is conveyed, state law requires sellers to provide buyers with a Property Disclosure Statement. Furthermore, under Mississippi Code Section 89-5-8, an affidavit regarding marital status and identification may be required.
How to File
- Gather Documentation: Collect all necessary documents, including a Mississippi quitclaim deed template, property disclosure form, and an affidavit as per Miss. Code Ann. § 89.5.8 detailing the grantor’s marital status or heirship.
- Fill Out Required Documents: Complete the Mississippi quitclaim deed form, affidavit regarding marital status, and property disclosure form with all required information. Do not sign the deed until in front of a notary.
- Notarization: Have the quitclaim deed acknowledged by a notary as required by Miss. Code Ann. § 89.3.1, providing a government-issued ID for identity verification.
- File the Deed: File the deed at the chancery court clerk’s office in the county where the property is located, paying the necessary fees as outlined in Miss. Code Ann. § 25.7.9, and make copies for all parties involved.
Costs and Fees
- Filing Fees: For filing a Mississippi quitclaim deed, a $25 fee is charged, with an additional $1 for each page over five. A $1 fee is also required for the certification of any copies by the chancery court clerk. Special fees apply for oil and gas leases, mineral deeds, and royalty deeds.
- Real Estate Transfer Tax: Mississippi does not impose a real estate transfer tax on property transactions.
- US Gift Tax: The United States taxes gifts over a certain value annually, which can include real estate transactions. It’s advised to consult a tax professional, as Mississippi does not impose a separate state gift tax.
- Capital Gains Tax: The US taxes the profit from the sale of property as capital gains, which Mississippi treats as regular income under the same tax brackets. Owners using the property as their primary residence may qualify for exemptions. Consultation with a tax professional is recommended before selling.
Frequently Asked Questions
What Are the Risks Associated with Using a Quitclaim Deed in Mississippi?
The primary risk is that the grantee receives no guarantees about the property’s title quality. If there are any title issues or outstanding liens, the grantee assumes these problems. It’s advisable to conduct a thorough title search before accepting a quitclaim deed.
Can Quitclaim Deeds in Mississippi Be Reversed or Cancelled?
Reversing or cancelling a quitclaim deed in Mississippi is challenging and usually requires agreement from both the grantor and grantee or a court order. Scenarios such as duress, fraud, or significant misunderstanding could warrant reversal.
How Does a Quitclaim Deed Affect Probate in Mississippi?
In Mississippi, a quitclaim deed can transfer property outside of probate if done before the grantor’s death. However, if not properly planned, the property may still be part of the estate and subject to probate proceedings.
