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Quick claim deed for paretns

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Billy Guest 0.10 Dollars($)	Posted: Thu Jun 05, 2008 11:47 am    Post subject: Quick claim deed for paretns My parents are ill and they are quick claiming me their house!!! Do I pay taxes on the house or do they.
Jeanette Community Experts Joined: 19 Oct 2007 Posts: 121 Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia 36.24 Dollars($)	Posted: Fri Jun 06, 2008 4:30 am    Post subject: Hello Billy, Welcome to the Forum, Very sorry to hear about your parents being ill. Once the property is quit claim over to you, then you will have to refinance to put the mortgage in your name. Then you will be solely responsible for the the escrows. (taxes and insurance) along with the Principle and Interest.(mortgage payments) each month. Thanks/Goodluck Jeanette Smith Mortgage Planner Union Mortgage Group "www.union-mtg.com" [Link deactivated as per the forum rules] _________________ Life is like a bull grabit by the horn
jheard Moderator Joined: 12 Dec 2007 Posts: 432 Location: Houston, TX 75.03 Dollars($)	Posted: Fri Jun 06, 2008 1:22 pm    Post subject: They are responsible for the gift taxes, if any. You will become responsible for the property taxes once you take ownership. _________________ This is not legal advice and I am not your lawyer. This information is provided for discussion purposes only in this forum. State and local laws may vary. Consult with a local attorney to see how your laws may apply to your specific situation.

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