Quitclaim Deed to Transfer from Sister to Company

[Zaneta Horne]

In January I will be legally documented as the new owner of my dad's business. My sister has one property that is under her name which she no longer wants to manage or continue owning. I was wondering if we could use a quitclaim deed to transfer the property from her to me then to the business? If we can transfer the property from her to the business directly using a quitclaim deed that would be even better!

However, if we have to use a quitclaim deed to transfer the property to me where I then have to transfer it to the business will she still be eligible to write-off the quitclaim deed as a gift tax with the remaining cost being written off as a tax deduction toward her estate tax? Makes sense?

[Steve Morris]

I'm probably going to get in an argument again, but what do you want to do:

Quitclaim - All it does is record that your sister has surendered her claim on the property.  If she signed a loan on the property it does NOT release her as a mortgagee.  It does NOT transfer her claim to you.  I guess you could say if she surrenders her claim to the property then you solely own it (if no one else is on deed).

Bargain and sale - If your sister wants to transfer her (and her interest only) to you or a LLC for no money, then you want a B&S deed.

Again, in OR/WA, so other places may do it different.  Get a LOCAL RE atty and work with title.