A Nevada quitclaim deed is a simple form to modify property ownership, adding or removing a name, without guarantees of clear title. It transfers your current ownership, not promising the absence of claims or liens. Comply with Nevada requirements for your quitclaim deed.
Laws & Requirements
Statute Nevada Revised Statutes Chapter 111 & Chapter 247: Nevada lacks preset quitclaim deed language, but add “quitclaim” to your deed for clarity.
Signing Requirements § 111.105: In Nevada, the grantor signs and acknowledges the deed; only a notary can do so. No witnesses are needed.
Recording Requirements § 111.315: For future property rights protection, all deeds, including quitclaim deeds, must be recorded at the county’s Recorder’s Office where the property is situated.
Transfer Tax: Yes: $1.95 for each $500 of the property value if the value is over $100. A few counties require more.
Additional Documents § 375.060: You must file a Declaration of Value form and the deed with the County Recorder’s Office.
How to File
- Obtain Original Deed: Secure the original deed from the county recorder to get vital details like the owner’s name and property description.
- Find Legal Description: Ensure the quitclaim deed includes a detailed legal description of the property, not just the parcel number.
- Use a Template: Fill out a Nevada quitclaim deed form from LegalTemplates, following state guidelines for property transfer details.
- Notarize Signatures: Have the property owner(s) sign the quitclaim deed before a notary, following Nevada’s specific notarization requirements.
- Fill Out Declaration Form: Complete the declaration of value form as required by Nevada law, available through the Department of Taxation or county recorder.
- Submit to County Recorder: File the quitclaim deed with the county recorder in the property’s county, using the Nevada Secretary of State’s website for reference.
Costs and Fees
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Recording Fees:
- Established by Nev. Rev. Stat. § 247.305, but each county determines its fees.
- Mandatory $25 fee for recording a document; additional fees vary by county.
- Example fees: Washoe County – $43 per document; Clark County – $42 per document.
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Taxes on Quitclaim Deed Transfers:
- May include transfer taxes, US gift tax, and capital gains taxes.
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Transfer Tax:
- Imposed per Nev. Rev. Stat. § 375, based on the county’s population and property value.
- Both grantor and grantee are liable but typically agree on who pays.
- Exemptions include transfers for business changes, government, co-owners, family, trusts, educational foundations, and specific legal situations.
- Tax rates: $1.55 per $500 in counties >700,000 population; $1.95 per $500 in counties <700,000 population, with possible county surcharge of $0.10 per $500.
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Federal Gift Tax:
- No Nevada state gift tax, but federal tax applies for gifts over a certain value.
- Check IRS website annually for exemption limits.
- Capital Gains Tax:
- No Nevada state capital gains tax.
- Federal capital gains tax may apply; check IRS for details on calculation and filing.
Frequently Asked Questions
Who pays the transfer tax in Nevada?
Both the grantor and grantee are liable for the transfer tax, though it’s common for the parties to agree on who will make the payment.
Do I need a lawyer to prepare a quitclaim deed in Nevada?
While it’s not legally required to have a lawyer prepare a quitclaim deed, consulting with a real estate attorney or tax professional is advisable to ensure the deed complies with Nevada law and to understand the tax implications fully.
Can a quitclaim deed transfer property to more than one person in Nevada?
Yes, a quitclaim deed can transfer property to multiple grantees. How the property is held by the grantees (e.g., joint tenants, tenants in common) should be specified in the deed.
