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Can a combination of Quit Claim and Novation provide transfer of joint willed property?

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crowfrank Joined: 28 Feb 2011 Posts: 1 1.34 Dollars($)	Posted: Mon Feb 28, 2011 2:25 pm    Post subject: Can a combination of Quit Claim and Novation provide transfe Like 0 Dislike 0 A will leaves a property equally to a number of people and the property has an outstanding mortgage (loan) on it. If all of the parties agree that the property should go solely to one person can all of the other people transfer title/ownership to the one individual via Quit Claim and then can the remaining individual have the entire loan (mortgage) transfered to him via Novation?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Feb 28, 2011 9:41 pm    Post subject: Like 0 Dislike 0 Hi crowfrank! Welcome to forums! All the people can transfer the property to one person with the help of a quitclaim deed. The loan can be transferred to that person via novation or refinance. Feel free to ask if you've further queries. Sussane
crowfrank Guest	Posted: Tue Mar 01, 2011 7:15 am    Post subject: Taxes when Quitclaim is invoked Like 0 Dislike 0 Who pays the inheritance taxes, the original person who is willed the portion of property or the person receiving the property after Quitclaim is invoked?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Mar 01, 2011 11:54 pm    Post subject: Like 0 Dislike 0 Hi crowfrank, As far as I know, the person who is receiving the property will be liable for paying the inheritance taxes. Thanks

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