A Pennsylvania quitclaim deed is a straightforward method for property transfer, distinct from other forms requiring legal promises about property title. Due to its simplicity, this deed type is commonly chosen for family property transfers.
Laws & Requirements
Statute Title 21, Chapter 1 of the Pennsylvania Statutes: The deed must state “release and quit claim.” Omitting these may render it invalid.
Signing Requirements 21 PS § 10: A Pennsylvania quitclaim deed necessitates the grantor’s signature, acknowledged by a notary for recording. No grantee signature or witnesses are mandated.
Recording Requirements To record a quitclaim deed, file it with the local Recorder of Deeds. County rules and fees vary.
Transfer Tax: Yes: 1% of the property’s value
Additional Documents A Certificate of Residence form must be filed with the deed. For residents of Philadelphia County, the Real Estate Transfer Tax Certification (Form 82-127) is also required.
How to File
- Research and Documentation: Verify county-specific fees and requirements for quitclaim deeds in Pennsylvania and gather essential documents, including the property title and any required forms.
- Fill Out Paperwork: Complete all necessary forms for the quitclaim deed but do not sign until in the presence of a notary.
- Choose a Notary: Have the quitclaim deed signed in front of a notary, showing ID for verification.
- File the Deed: Submit the signed quitclaim deed and all documentation at the county’s Recorder of Deeds office, paying the filing fees.
Costs and Fees
- Filing Fees: Filing fees for quitclaim deeds vary by county in Pennsylvania, with costs like $78.75 in Elk County and $85.25 in York County. Check local fees before filing.
- Taxes and Transfer Tax: Selling or gifting property in Pennsylvania incurs taxes, including a 1% real estate transfer tax. Know your tax responsibilities.
- Transfer Tax Exemptions: Pennsylvania allows exemptions for the real estate transfer tax, including transfers for conservation, between family members, and to government entities. Consult a tax professional for eligibility.
- US Gift Tax: Real estate gifts may trigger the US gift tax, exceeding annual exemptions. Pennsylvania does not have a separate gift tax.
- Capital Gains Tax: Profits from property sales are subject to capital gains tax, treated as regular income. Federal exemptions apply for primary residences used two out of the last five years.
Frequently Asked Questions
How Long Does It Take to Record a Quitclaim Deed in Pennsylvania?
Recording times for quitclaim deeds in Pennsylvania vary by county. Typically, deeds are recorded within a few days after being submitted to the county’s Recorder of Deeds office.
However, the timeline can extend during busy periods or due to specific county processes. Contacting the county office directly will provide the most accurate recording timeframe.
Can a Quitclaim Deed in Pennsylvania Be Reversed?
Reversing a quitclaim deed in Pennsylvania is not straightforward once it’s executed and recorded. Any modification or reversal would require agreement from all parties involved and the execution of a new deed.
It’s a complex process that often necessitates legal advice to understand the potential consequences and to navigate the legal requirements.
Does a Pennsylvania Quitclaim Deed Guarantee Clear Title?
No, a quitclaim deed in Pennsylvania does not guarantee clear title. It only transfers the grantor’s interest in the property, which may not be free of liens or other encumbrances. Buyers are advised to conduct a comprehensive title search and consider title insurance to protect against any title defects.
How Does a Quitclaim Deed Impact Mortgages in Pennsylvania?
In Pennsylvania, a quitclaim deed transfers ownership interest without affecting the existing mortgage on the property. The mortgage responsibility remains with the grantor unless specifically renegotiated with the lender. The grantee should be aware they acquire the property subject to any outstanding debts or liens.
Is a Quitclaim Deed Suitable for Estate Planning in Pennsylvania?
Quitclaim deeds are used in estate planning in Pennsylvania to transfer property to trusts or heirs, potentially simplifying the probate process. However, given they do not warrant the title, their appropriateness depends on the estate’s specific circumstances.
Consulting with an estate planning attorney is crucial to ensure a quitclaim deed aligns with the overall estate strategy and goals.
