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Is land conveyed to a dependent by a quitclaim deed that would be recorded after a parent's death a taxable transaction?
Wiki User
∙ 15y ago
In some jurisdictions a deed recorded after the death of the grantor may be considered a defect in title. You should seek the advice of an attorney who could examine the deed and discuss the tax consequences, if any, prior to recording the deed. The attorney would be able to advise you if allowing the land to pass through probate should be considered.
Wiki User
∙ 15y ago
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Who owns a property if someone sold it to you but he had quitclaimed it to someone else a few months earlier?
If the quitclaim was not recorded properly but YOUR transaction was, you own it. * If the property did not have a clear title before it was sold, the transaction is null and void. The buyer should contact an attorney, as such a matter is likely to result in lengthy and expensive litigation.
What is the effect of recording a real estate contract?
The purpose of recording any document related to land is to give public notice of the transaction and to preserve the rights of the parties. The real estate contract, once recorded, constitutes an encumbrance on the property until the contract has expired, until the parties have terminated it in writing and recorded that document, or until the property has been conveyed according to the terms of the contract.The purpose of recording any document related to land is to give public notice of the transaction and to preserve the rights of the parties. The real estate contract, once recorded, constitutes an encumbrance on the property until the contract has expired, until the parties have terminated it in writing and recorded that document, or until the property has been conveyed according to the terms of the contract.The purpose of recording any document related to land is to give public notice of the transaction and to preserve the rights of the parties. The real estate contract, once recorded, constitutes an encumbrance on the property until the contract has expired, until the parties have terminated it in writing and recorded that document, or until the property has been conveyed according to the terms of the contract.The purpose of recording any document related to land is to give public notice of the transaction and to preserve the rights of the parties. The real estate contract, once recorded, constitutes an encumbrance on the property until the contract has expired, until the parties have terminated it in writing and recorded that document, or until the property has been conveyed according to the terms of the contract.
How long does a quitclaim deed take to be recorded in fl?
To actually have the process take place? It depends on the speed and efficiency of the Clerk's Office. You can probably request expedited handling if it's THAT important.
When purchasing merchandise for resale what journal is the transaction recorded in?
journal
How do you use ledger in a sentence?
The merchant recorded my transaction in the ledger.
Which transaction is normally recorded in a special journal?
Purchases on account
After the quitclaim deed is recorded what do you do to get the actual deed?
At most land record offices the deed will be mailed to you after it has been imaged and added to their records.
When a house is sold and someone has a quitclaim who gets the funds?
The legal owner gets the proceeds. A quitclaim deed is a deed. The legal owner is determined by examining the most recent deeds that have been recorded. If a person owns a home and then conveys an interest to a partner by a quitclaim deed, the proceeds will be split 50/50 between the two owners if the property is sold.
Accouting transaction from a source document are recorde in a?
they are recorded in a general journal.
What transaction are recorded in a sales day book?
In Sales day book all transactions related only to sales are recorded in it and no other transactions is recorded.
Accrued revenue is reported and recorded when?
the moment the transaction occurs not when you receive the money
Why do debits equal credits?
In double entry accounting system any transaction should be equal for both debit as well as credit side to be recorded otherwise no business transaction can be recorded. This assures the basic accounting equation as well.
