Quit claim deed question


#1

My husband and I have signed a separation agreement and separated recently in Wake County. I paid off the mortgage as per the agreement and he was to sign a quit claim deed, which he did. I used a “form” for NC (the kind you can get online or at Staples), but now I’m worried that it may not be correct and that I may face unexpected tax consequences if I file it as is. The quit claim deed includes the following:

[quote]
That the grantor, for and in consideration of the sum of One Dollar to him paid in hand, the receipt of which is hereby acknowledged, has remised and released and by these presents does remise, release, and forever quitclaim unto grantee and her heirs on behalf and assigns all right title, claim, and interest of the said Grantor in and to a certain tract or parcel of land lying and being in the County of Wake and State of North Carolina, and more particularly described as follows:… etc,…[/quote]

Is that the correct language for gifting a home to one’s spouse or will I face some sort of tax consequences other than being responsible for the property tax? FWIW, the home is valued at under $280,000. My husband’s attorney is the one who notarized the deed.

Thanks!


#2

I guess I should add that the house was in both of our names and was written over to just myself. The mortgage wass paid off as of 4 days after the quit claim deed was signed, a couple of weeks ago.


#3

Advising anyone on specific drafting language in a legal document or reviewing a legal document is beyond the scope of this forum. I cannot give an opinion on whether this deed is valid without doing such a review. I can tell you that if the deed was properly drafted with the correct wording, you should have no tax consequences if it was executed as part of a valid Separation Agreement.