What must be paid when transferring property in Minnesota using a quitclaim deed?

When transferring property in Minnesota using a quitclaim deed, the state deed tax is a critical requirement. This tax is applied to the transfer of real estate and is calculated based on the sale price or the value of the property being transferred. The significance of the state deed tax lies in its role in generating revenue for various governmental purposes, including funding local governments.

It's important to note that other elements like property transfer fees and recording fees may apply in certain circumstances, but they are not specifically mandated for every quitclaim deed transaction. The tax assessment fee, while relevant to the overall property taxes, is not directly related to the act of transferring property through a quitclaim deed. Thus, the state deed tax is the primary financial obligation when executing this type of deed in Minnesota.