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Quit Claim Deed - Any taxes on over-encumbered property?

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crmsbm Guest	Posted: Tue Mar 08, 2011 5:31 pm    Post subject: Quit Claim Deed - Any taxes on over-encumbered property? Like 0 Dislike 0 In California, if someone uses a quit claim deed to hand an over-encumbered property off to someone else (he wants to walk away), will there be any taxes involved? The loans on the property are almost twice the value of the property. (I will be making the mortgage payments and taking on the property tax liability as well as covering all other costs.) _________________ _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Mar 08, 2011 8:48 pm    Post subject: Like 0 Dislike 0 Hi crmsbm, The person transferring the property will have to pay the transfer taxes to the county recorder. Thanks

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