Tax implication of Quit Claim Deed

Samantha · Posted: Mon Feb 27, 2006 1:54 pm Post subject:

Hi Eugene,

Welcome to Mortgagefit Forums.

In case of a quit claim, the land may be considered as a gift to you. Since the value is over $11,000 which is per pension gift limit, so form (706 or 709) needs to be filed with the taxes which states to consider the excess amount of the gift as part of $1 million lifetime gift exemption.

Under that condition you will have to pay the capital gain taxes on it when the land is sold. Providing the documents is always necessary and you should remain prepared for that.

You may contact your tax advisor for more details.

God bless you.

For MortgageFit,
Samantha

Guest

I live in california. My wife and I are geting a divorce. We own a nice home and I want to keep it. WE of course are both on the loan documents. If she quick claims this to me is that the end of her responsibility for the loan, and can she have the loan removed from her credit report so she can buy her own home and qualify for a new loan? Do we need approval from the lender to do this even though I make more than enough to handle the payment by myself? Thanks chris

cbrown · Joined: 21 Mar 2006 Posts: 2 0.10 Dollars($)

I live in california. My wife and I are geting a divorce. We own a nice home and I want to keep it. WE of course are both on the loan documents. If she quick claims this to me is that the end of her responsibility for the loan, and can she have the loan removed from her credit report so she can buy her own home and qualify for a new loan? Do we need approval from the lender to do this even though I make more than enough to handle the payment by myself? Thanks chris

Samantha · Posted: Tue Mar 21, 2006 11:07 am Post subject:

Hi Chris,

Welcome to MortgageFit Forums.

A quit claim deed will enable your wife to leave her interest on the ownership of the property.

It will have no effects on the loan and she will still be liable to pay the loan. To take her name off the loan, it needs to be refinanced and taken on your name solely.

The lender definitely needs to be informed in any change of title till there is a mortgage on it.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

Guest

my daughter took a mortgage out on my property to help us due to the fact it us in foreclouse out about two years ago. Can she quit cliam the house over to us now.

Samantha · Posted: Tue Mar 21, 2006 4:15 pm Post subject:

Hi,

Welcome to MortgageFit Forums.

If I am correct, you transferred the rights on your property to your daughter for the loan.

But now after taking the mortgage, the lender may not allow you to transfer the house back again until the mortgage is paid.

Any transfer in real estate with a mortgage in it makes the loan due immediately.

So, if you want you can talk to the lender and take his acceptance before you proceed.

God bless you.

For MortgageFit,
Samantha

Bill · Posted: Thu Mar 23, 2006 2:17 pm Post subject: avoid paying half

Help Guest,

Depending on the laws of your State you can try ... but any divorce attorney with a pulse representing your soon-to-be ex-husband will show cause for your needing to pay your husband half the equity in the home regardless of your pre-divorce maneuvers.

If your divorce ends-up being a contested one with other assets and/or child custody/support issues, the fact that you attempted to conceal an asset prior to the divorce will not make you look very good in the eyes of the judge. Just something to think about.

Best of Luck!

Guest

My mom is wanting to give my sisters and I the property that she and my dad bought when we were kids my dad past a few years ago and the property is more than mom can handle now and want us to have it now can we do a quit claim deed without exchanging money?

Guest

Yeah, It can be done through quit claim deed.

Your mom can easily transfer her rights to you through this deed. Once the deed is signed you can easily take over the property charge.

blue · Posted: Mon Mar 27, 2006 10:05 am Post subject:

Hi John,

Yes, your mother can transfer her interests in the property to you and your sisters through a quit claim deed.

But don't forget to take the help of a real estate attorney in the process. Also, get the deed notarized and recorded in the county's recorder office.

Guest

IF A PROPERTY IS OWNED BY THREE INDIVIDUALS AND ONE OF THEM WANTS TO QUICK CLAIM HIS 1/3 OF THE PROPERTY TO ANOTHER PERSON, WILL THE PROPERTY BE REASSESED? WILL THE TAXES BE INCREASED DUE TO THE TITLE /OWNERSHIP CHANGE?

blue · Posted: Mon Mar 27, 2006 3:14 pm Post subject:

Hi Nel,

Such a transfer will be considered as a change in the control of ownership and will require reassessment of the entirety of the property.

The property taxes may get increased with a change in ownership. In case of transfers between spouses or between parents and children, reappraisal may be excluded.

Hope this will satisfy your query.

Feel free to ask if you have more doubts.

Blue

Guest

I am divorcing and I have commerical property which my husband wants me to sign over to him using a Quick Claim Deed. Would this release me from the mortgage payment, taxes etc., when he refinances?

Samantha · Posted: Fri Mar 31, 2006 3:21 pm Post subject:

Hi Wanda,

Welcome to MortgageFit Forums.

Quit claim deed will transfer your interests in the property to your husband. But it has nothing to do with your mortgage and you will still be responsible for it.

You can be discharged off your liability only after your husband refinances the property in his name.

The deed should be notarized and recorded in your county's recorder office.

Do settle these things under the guidance of your divorce attorney as these things often create problems in the future.

Always keep in mind that property transfers are critical and hence professional guidance is a must. So, talk to your attorney and proceed as per his suggestions.

Feel free to ask if you have more queries.

God bless you.

For MortgageFit,
Samantha

Guest

When selling our home, what steps do we need to take. And what forms should we notarize and record. This is in Washington State.

We own the home free and clear.

Our plan is to sell it at current assessed value (to help out a family member).

We will carry the contract. And plan to do all the papework to save on Title Company fees.

Your input is appreciated.

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