When I submitted my quitclaim deed for recording the clerk asked if there was any money exchanged. Why would they ask that?

Asked about 1 year ago - Eatonton, GA

quitclaim had $1.00 inserted

Attorney answers (3)

  1. Kevin M. Veler

    Contributor Level 15

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    Answered . Because in Georgia there is a transfer tax based on the value of the transfer which is to be collected at the time of transfer. There are limited exceptions, for example, a transfer between spouses. Its not clear from the information whether a transfer tax would have been due or whether there may be an effort to collect it at a later date.

    Disclosure: This answer and any information contained in this answer is not intended to be treated as legal... more
  2. Frank Wanner Wagner III

    Contributor Level 11

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    Answered . Most deeds have lingo noting the "consideration". Not sure of the full history but Warranty Deeds typically list $10 and other good and valuable consideration, QCD's usually have $1. That's the deed, but what the clerk was really asking is how much $$$ was exchanged for the property? As noted, it's due to the transfer tax of $1 per thousand ($10,000 sale = $10, $100,000 = $100)

    Just plain over-the-counter commentary, no lawyer-client relationship created. Seek your own counsel for true '... more
  3. Michael T Millar

    Pro

    Contributor Level 19

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    Lawyer agrees

    Answered . There is a tax on the sale of real estate. They ask for the amount of consideration so that they can compute the amount of tax owed.

    If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education... more

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