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dkline1998 · Joined: 14 Jan 2008 Posts: 3 2.66 Dollars($)

What is best way to transfer property without burden of additional debt or taxes?...My wife's parents want to transfer via quitclaim their house in CA to us but they will still pay the mortgage. Do we have to talk to the mortgage company at all to make sure it is okay? We are in no position to be approved for a new loan in case they demand full payment due to the transfer. Also is there a way that all taxes...property and gift...can be avoided? Is quitclaim the best way to achieve any of this?

jameshogg · Posted: Mon Jun 29, 2009 8:03 pm Post subject:

Hi dkline,

Quitclaim is one of the easiest way to transfer property from one person to another but you would be liable to pay the property taxes. As far as gift taxes are concerned, it will be paid by the person transferring the property to you as a gift.

Once the property is transferred to you, the lender will want you to refinance the mortgage. If you do not refinance the mortgage, the lender will call the mortgage due immediately.

Thanks

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