A Nebraska Quitclaim Deed simplifies property transfer without title guarantees, allowing swift conveyance. Unlike a warranty deed that ensures clear titles through a slower process, a quitclaim deed often mislabeled as a “quick claim” or “quit claims” deed, offers rapid, uncomplicated transfers.
Laws & Requirements
Statute Nebraska Revised Statute Chapter 76
Signing Requirements § 76-211.: Quitclaim deeds in Nebraska must be signed by the grantor(s) in the presence of a notary public.
Recording Requirements § 76-237: File the deed with the County Register of Deeds where the property is, along with a required fee.
Transfer Tax: Yes: § 76-901 imposes a transfer tax of $2.25 for each $1,000 of the actual purchase price on transactions that are not exempt under § 76-902.
Additional Documents Form 521: The Real Estate Transfer Statement is required to be submitted with the deed for recording.
How to File
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Step 1: Have a Copy of the Deed
- If you don’t have the original deed, obtain a certified copy from the county clerk’s register of deeds.
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Step 2: Obtain the Property’s Legal Description
- Find the legal description in the deed, including address, lot/block/section numbers, range and quarter section, township, and subdivision name.
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Step 3: Fill Out the Nebraska Quitclaim Document
- Use a template from LegalTemplates or get a form from the county clerk.
- Include the grantor’s and grantee’s names and titles, spouse of the grantor if applicable, a return address, the property’s legal description, and financial details like consideration, taxes, etc.
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Step 4: Sign the Quitclaim Deed Before a Notary
- The grantor(s) must sign in the presence of a notary to avoid invalidation.
- The notary verifies identity, witnesses the signing, and completes an acknowledgment, which includes signing, dating, and affixing a notary seal.
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Step 5: Submit the Quitclaim Deed With Supporting Documents and Payment
- Submit the signed and notarized deed, a Real Estate Transfer Statement (Form 521), and payment for taxes and fees.
Costs and Fees
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Filing Fees for Quitclaim Deed (Neb. Rev. Stat. § 33-109):
- $10.00 for the first page.
- $6.00 for each subsequent page.
- $1.50 per page for a certified copy.
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Documentary Stamp Tax:
- Charged based on the real estate’s value as recorded by the county assessor at the time of transfer.
- Paid by the grantor (seller) conveying the property.
- Exemptions include deeds related to debt release, corrections, family transfers, tax deeds, land division, business dealings, court decrees, and trust activities, among others.
- Tax rate is $2.25 per $1,000 of value or fraction thereof.
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Federal Gift Tax:
- Applicable when transferring property via a quitclaim deed.
- Gifts beyond a certain value are taxable, with rates varying.
- Use Form 709 to calculate and pay the tax during income tax filings.
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Federal and State Capital Gains Tax:
- Applies to profits from property sales.
- Exclusions and rates vary; IRS guidelines apply.
- Nebraska imposes capital gains tax according to specific state regulations, considering factors like primary residence status, ownership duration, residency period before sale, and prior capital gains deductions.
- Professional consultation is advised for compliance.
Frequently Asked Questions
How does a Quitclaim Deed differ from a Warranty Deed in Nebraska?
A Quitclaim Deed transfers only the interest the grantor has in the property, if any, without guaranteeing that the title is clear of claims. A Warranty Deed, on the other hand, includes a guarantee from the grantor to the grantee that the property title is clear of liens or claims.
Is a Quitclaim Deed commonly used in Nebraska for property transfers?
Yes, Quitclaim Deeds are commonly used in Nebraska for non-commercial transfers of property, such as adding or removing a spouse from a title, transferring property to a trust, or resolving title issues.
Can a Quitclaim Deed be used to transfer property if there is a mortgage in Nebraska?
A Quitclaim Deed can transfer property that has a mortgage, but it does not release the grantor from their obligation to the mortgage. The grantee receives the property subject to the existing mortgage.
