Gifting of Real Estate

I’m occasionally asked about the transfer of real property (aka real estate) among parties who do not have the need for agents (a gift or they’ve found one another and have struck a deal without agents). This specific question/answer were in regards to real property changing hands in Kittitas County:

Q: Our parents are ready to gift the cabin to us. There is no debt on it. What do we do now?
A (from Michelle Barry at Commonwealth):

1. You’ll need to do a quit claim deed. Here’s a link to a form you can use to do that (scroll down to Quit Claim Deed under Section 2 Escrow Documents):
2. Because there is no debt and no consideration, there is no excise tax. However–you will need to fill out an excise tax affidavit anyway. There will be a place to explain why it is exempt. I have a link to the King County forms, and while they are state forms, each county may have its own protocol for the format and filing. You’ll want to contact the Kittitas County recorder’s office and see what the require. ALSO–they’ll be the ones who need to record the deed for you. Here’s a link to their website:
3. You’ll also need a legal description of the property for the quit claim deed, and the tax parcel number. You can contact a title company in Kittitas to get that if you don’t have it already (it would be on the current deed or an old deed of trust—unless something has changed since those were done, i.e. a boundary line adjustment. Here is a link to Kittitas title companies:
Posted on June 6, 2011 at 2:31 pm
Michael Doyle | Category: Uncategorized

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