Is quick claim a way to remove co-borrower from title?

Samantha · Posted: Fri Feb 10, 2006 1:49 pm Post subject:

Hi,

Welcome to MortgageFit Forums.

There are certain taxes which need to be paid during a property transfer through a quit claim.

Please refer this section on tax implications for more detail.

Get back to us if you have further queries.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

Can I add 2 people to my propert using a quit claim deed in florida?

adonis · Posted: Thu Feb 16, 2006 5:55 am Post subject: re

Yes you can and I dont see any harm in it.

Adonis

ckalvesmaki · Posted: Thu Feb 16, 2006 7:53 am Post subject:

Hi Crissy,
Check the terms on your note. The lender may have a clause that would allow them to accelerate the terms of your note if the deed is changed. In other words they can call your note due. It doesn't happen often but it can happen.

Samantha · Posted: Thu Feb 16, 2006 9:48 am Post subject:

Hi Crissy,

Welcome to MortgageFit Forums.

Cedric has pointed out correctly. You can add 2 other people to your property through a quit claim deed.

But if any mortgage is there, it is better to get the lender informed as a quit claim may allow closing the terms earlier.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

Whats the best way to put my name on my wifes house and is there charges for this

ckalvesmaki · Posted: Thu Feb 23, 2006 12:28 pm Post subject:

Go to your local title company and they can prepare the docs and record it for you.......there will be a small charge probably in the 50-75 dollar range.

Guest 0.10 Dollars($)

My mom have had her house since 73 we plan on selling it for her care. Purchase a new house and use what left for home care. what type of taxes would she be needing to pay?

Samantha · Posted: Thu Feb 23, 2006 12:55 pm Post subject:

Hi Paul,

Welcome to MortgagegFit Forums.

Paying taxes on the sale of a home depends on some conditions.

I think this is the primary residence of your mother that you are talking about. In that case if she meets the ownership and tests, which I think she is going to meet, then she can exclude up to $250,000($500,000 on joint return) of gain from the sale.

To meet the ownership and use tests, she needs to have owned and stayed in the house as her principal residence for two of the last five years from the date the house is sold.

Temporary absences are not going to count unless it is for an entire year. If there is any gain amount in excess of $250,000($500,000 joint) exclusion, then that excess amount will be taxable even if your mother meets the ownership and use tests.

God bless you.

For MortgageFit
Samantha

jameshogg · Posted: Thu Feb 23, 2006 1:16 pm Post subject:

Hi Paul,

If it was a second home and not a primary or rental home, then your mother need to pay capital gains tax on the amount between the adjusted basis and the sales price. That will be 15% with Feds and more with the state.

Whether it was a primary residence (where you may get tax benefits), or a second home (where capital gain tax is required to be paid), you should take the help of a tax advisor.

James

Guest 0.10 Dollars($)

Thanks for your reply's really appriciate it. So here is the sernarial. My mother owes 165000 and I believe the house is worth 650,000 she is the only one on title and its been her primary residence. she is retired. if I get added to the house would we be able to write upto the 500,000?

jameshogg · Posted: Thu Feb 23, 2006 2:59 pm Post subject:

Hi Paul,

I don't think so as this rule is for married couples who may get double the exclusion of single home sellers.

Also, you need to pass the user test to get this benefit. Consult your tax advisor to find out if there is any possible way.

James

ckalvesmaki · Posted: Thu Feb 23, 2006 8:12 pm Post subject:

Paul have you considered a reverse mortgage? With the tax implications that may occur if you sell the house a reverse mortgage may be the better solution. You can take cash out on them and not have a monthly payment...as long as she is in the house it can be used........you can also get a monthly income for her long term care.

pretana · Joined: 02 Mar 2006 Posts: 1 0.06 Dollars($)

I have a form with title (quitclaim deed) I need to take to mexico to have my wife put me on title. Is there a notory other than the embassy located there? Also the deed ask for sum of purchase do I put zero since I only want to be added?

Samantha · Posted: Thu Mar 02, 2006 10:49 am Post subject:

Hi Pretana,

Welcome to Mortgagefit Forums.

You may get the deed notarized by any person authorized to perform notarial acts by the laws or regulations of Mexico.

You may add a percentage in the share in the property in place of the price amount. Ask for suggestions from an attorney while filling up the form as he is the best person to guide you here.

Feel free to ask if you have more queries.

God bless you.

For Mortgagefit,
Samantha

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