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How to transfer a deed NC property from brother to sister…

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How to transfer a deed...
How to transfer a deed for a NC property from brother to sister (both of whom are living)?
Submitted: 3 years ago.Category: Real Estate Law
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6/3/2015
Real Estate Lawyer: JaxLaw, Lawyer replied 3 years ago
JaxLaw
JaxLaw, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,726
Experience: I work as an attorney in a firm for which 60% of our business is real estate.
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DISCLAIMER - This answer is not legal advice. No attorney-client relationship is formed. The information provided is for educational purposes only. For specific advice regarding your situation, please consult a qualified attorney in your area.
Hello and thank you for choosing JustAnswer. I also would like to thank you for requesting me, personally.
Typically a quit claim deed is used when transferring real property between family members. The grantor (person who now owns the property) would have to sign a quit claim deed transferring the property to the other sibling. That deed would then be recorded in the County in which the real property is located. You will need to pay the doc stamps and recording fee.
Please note that if the property is transferred as a gift (not a purchase) then the owner transferring the property may have Federal gift tax consequences. The exemption amount is $14000. So if the value is under the exemption amount, you do not have to file a gift tax return. If it is over, you will have to file one, but may not have to pay if you have not exceeded your lifetime exemption amount. It is the giver of the gift that is responsible for any gift taxes. North Carolina used to have a state gift tax, but it was repealed.
You can find a sample of a North Carolina quit claim deed here: http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CEMQFjAA&url=http%3A%2F%2Fwww.co.davidson.nc.us%2Fmedia%2Fpdfs%2F19%2FQuitclaim_Deed_85x11.pdf&ei=VmdvVa7nI-rHsQTnzYKIBQ&usg=AFQjCNEHjTznOeEHPoJArvQV23Ez3ndVaQ don't worry if the county is different, law are determined by the state, not county.
DISCLAIMER - This answer is not legal advice. No attorney-client relationship is formed. The information provided is for educational purposes only. For specific advice regarding your situation, please consult a qualified attorney in your area.
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Customer reply replied 3 years ago
2 questions: 1) to get around the gift issue, can he sell it to me for cheap? and 2) Does the paperwork need to filed in the county where the PROPERTY is, or can we have it recorded in our home county (which is also the State capital).
Real Estate Lawyer: JaxLaw, Lawyer replied 3 years ago
To answer your questions:
1) No, any difference between the real property's value and the sale price is considered a gift. However, please note that while your brother would have to file a gift tax return for any amount over $14,000, the lifetime exemption is $5.43 Million (2015). Whatever is left of the gift tax exemption is used for the Federal estate tax exemption when he dies.
2) The paper work MUST be filed in the county in which the real property is located. Land records must always be filed in the county where they are located so that people know exactly where to look for them.
I hope this answers your questions. Thank you.
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Real Estate Lawyer: JaxLaw, Lawyer replied 3 years ago
I see that you have viewed my response. Did you have any follow-up questions? If not, please rate my answer so I may receive credit for my response. Thank you again for choosing JustAnswer.
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