My Mother owns rental property free and clear, can she quick clam the property to her sons?

Yes.. However you would need to consider the tax consequences by doing so.. by quitclaiming the property to the sons, in essence they received something of value, and the value is greater than $2000 to $15000, then your son's will have to pay taxes on its market value.. Contact your CPA or an estate planner and let him show you how to properly transfer assets without the tax consequences... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes she can,....... In Arizona as in other states, a quitclaim deed is used to transfer or release ownership of real estate. In order to be effective, the quitclaim must be signed in the presence of a notary by the person transferring or releasing his ownership interest. This is a common practice in divorces or other efforts to clear title to property. The person benefiting from the quitclaim must file the deed with the county recorder's office in order for it to be effective. Preparing and filing a quitclaim deed in Arizona may also require filing an affidavit of property value, unless an exemption applies.

Correction.. as Bert suggested.. You cannot use a Quitclaim deed in this scenario... however you can transfer the property using other types of deeds.. The best suggestion being a warranty deed, or a grant deed.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

First, does she have a will and trust? that will spell out what to do with the properties... howdy from az... linda

NO, unless her son's are already on title. She can grant deed the property to her sons. A Quit Claim deed is a document where one person who is already on title affirms that they are "Quitting" their ownership interest in the property. The result is that the other owner(s) that are on the title now own it. If she owns the property in her own name and "Quits" her ownership, since there is no one else on title, no one would own it. That can't happen. If she uses a Grant Deed, she dictates that she is transferring the ownership from her to "X and Y". There may be tax consequences, so I would suggest she consult with a tax professional before she does it. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950