A Rhode Island quitclaim deed is a legal document conveying a property title from a grantor to a grantee, but the grantor promises only to defend any claims that originate from the grantor. The grantee must resolve all other claims against the title because this type of deed absolves the other former owners of any responsibility.
Laws & Requirements
Statute: The language for a quitclaim deed is present in RI Gen. Laws § 34-11-12. Your document must contain specific language conveying the title from the grantor to the new owner. It may also include a quitclaim covenant.
Signing Requirements: Per RI Gen. Laws § 34-11-1.1, the grantor must sign the document before a notary public.
Recording Requirements: Per RI Gen. Laws § 34-11-1, the grantor should record and file the property transfer in the same town or city where the property is situated. They can complete this task by visiting the relevant Recorder of Deeds. Please note that depending on the town you file in, you may have to abide by unique guidelines and pay varying fees. The conveyance of property doesn’t occur at the county level; it only occurs at the city/town level.
Transfer Tax: Yes (RI Gen. Laws § 44-25-1).
Additional Documents: The grantor must provide a property disclosure statement to announce any material defects in the property that may discourage a buyer from accepting a deal. The grantor must issue this document before they finalize the property transfer (RI Gen. Laws § 5-20.8-2).
How to File
- Get the Deed: Ask the current owner for a copy of the original deed.
- Verify the Property Description: Refer to the original deed to verify a match between the deed’s property description and the legal description of the property in the recorder’s office.
- Complete the Form: Write all necessary details, including both parties’ names, the grantee’s full address, and the property’s legal description.
- Sign Before a Notary: Sign the form before a notary.
- Fill Out a Property Disclosure Statement: Fill out this form to disclose any material defects.
- File the Documents: File the documents at the recorder’s office in the appropriate city or town. Pay the associated real estate conveyance tax and filing fees.
- Wait for the Recorder’s Office: The recorder’s office will issue the deed to the grantee when they finish the recording process.
Costs and Fees
Filing Fees
- Recording fees: It costs $84 to file the first page and an additional $1 for every subsequent page (RI Gen. Laws § 34-13-7 and RI Gen. Laws § 42-8.1-20).
Taxes
- Real Estate Transfer Tax: The grantor must pay $2.30 per $500 or each fraction thereof (RI Gen. Laws § 44-25-1). The tax is $1.40 per $500 for mobile or manufactured homes.
- US Gift Tax (Form 709): The grantor pays gift tax on any property transfer involving zero consideration.
- Capital Gains Tax: Rhode Island treats capital gains tax as ordinary income, so individuals can expect to be taxed between 3.75 and 5.99% (RI Gen. Laws § 44-30-2.6).
Frequently Asked Questions
Does a Quitclaim Deed Absolve Me of My Mortgage Obligations in Rhode Island?
A quitclaim deed only transfers the property’s title. Any debts or obligations you have, whether you have them by yourself or with a spouse, are still your responsibility.
Are Quitclaim Deeds Public Record in Rhode Island?
Yes. Filing your quitclaim deed at your town or city’s recorder’s office makes the document part of the public record.
How Long Does It Take to Record a Rhode Island Quitclaim Deed?
It depends on the town or city’s population, processes, and procedures. Some recorder’s offices may be able to record it within a couple of weeks, while others may take up to a month or longer.
