adding / removing owners on property

[markymark]

My wife and I own a home in Michigan. I wish to have my name removed from the title (deed), and my wifes parents added. There are no liens.
1) By my wife staying on the title, will we avoid realestate transfer taxes.
2) Will my title policy remain in effect since 1 of the owners is still on the deed?
3) Would I use a quit claim deed for this?
4) Do we need to acknowledge if money is involved?

 

[HomeGuru]

My wife and I own a home in Michigan. I wish to have my name removed from the title (deed), and my wifes parents added. There are no liens.
A: why do you want out?

1) By my wife staying on the title, will we avoid realestate transfer taxes.
A: check with the title company.

2) Will my title policy remain in effect since 1 of the owners is still on the deed?
A: see #1 above.

3) Would I use a quit claim deed for this?
A: yes.

4) Do we need to acknowledge if money is involved?
A: yes, without consideration the deed would not be worth toilet paper.

 

[markymark]

HomeGuru:
Thanks for the quick reply.
I am basically selling them the house. You said that the deed would be worthless if we don't acknowledge money transferring hands. But I thought that a quit claim form just transfers owners interests without specifing any stated value. We want to sell them this property but we don't want their taxes to triple.

Markymark

 

[HomeGuru]

Consult a CPA and a real estate attorney.