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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: |
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Hi Tkhicks,
I think I have answered you here.
If you have any more doubts feel free to post here.
Wish you merry Christmas and happy New Year in your new home. 
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Eric
Guest
0.10 Dollars($)
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Post subject: deed and capital gains |
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| I have lived in a house which had to be purchased as a 2nd mortgage by my parents. I have been here paying the mortgage for 2 12 years but I am not on the deed. When we go to sell it my parents would have to pay capital gains taxes on it. Is there a way around this? I was told that if we get my name on the deed and can show them that I have been paying then we would not have to pay capital gains. thanks for any help |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: RE: |
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Hi Eric,
Welcome to MortgageFit Forums.
Under the 1997 tax reform introduced by the federal government, if your parents add you in the title of the house, and if you live and own that house for 2 out 5 previous years before it is sold, you are eligible for an exemption of $250,000 as capital gains tax. In other words, capital gains up to $250,000 ($500,000 if you are married and file a joint tax return) is tax free.
It will be better if you consult a tax advisor.
God Bless You,
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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rd51
Guest
0.10 Dollars($)
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Post subject: quit claim deed |
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| my aunt is buying a house but putting it my mom's name (because my mom has better credit). she wants my mon to sign a quit claim deed. how does this affect my mom? my mom agreed to put the mortgage in her name but she told my aunt that if there are any problems with payments or anything that is damaging to her credit she would sell the house or return it to the back. does signing a quit claim deed change this? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi rd,
I have answered a similar query in another section on quit claim deed . You can have a look in there.
You can freely ask any more doubts that you have.
James |
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pcastillo
Joined: 22 Dec 2005
Posts: 2
0.24 Dollars($)
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Post subject: |
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| how about if she signs the quit claim deed and a novation? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: |
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Hi Pcastillo,
Welcome to Mortgagefit Forums.
Through a novation your mom can get rid of the mortgage. But a novation will require the lender's approval.
If you can manage to get the lender's approval, then it is a correct thing to do. But since your aunt's credit did not qualify for the mortgage, so there are possibilities that the lender may disagree to accept.
But you can always talk to the lender and check if he accepts before signing the deed.
Feel free to post if you have any more doubts.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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MICKEY
Guest
0.10 Dollars($)
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Post subject: QUIT CLAIM DEEDS |
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| MY HUSBAND AND I RECENTLY BOUGHT A HOME. THE LOAN WAS SOLELY IN HIS NAME. HE WANTS A DIVORCE BUT WANTS ME TO HAVE THE HOUSE AND PROPERTY. WITH A QUIT CLAIM DEED IS THIS POSSIBLE SO THAT I CAN ASSUME THE LOAN ON THE HOUSE? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Micky,
Welcome to our community.
Through quit claim deed you can have the ownership title transferred in your name.
But the mortgage will still remain in your husband's name. To transfer the mortgage you should get it refinanced in your name.
Always involve an attorney in the process of the deed to avoid any trouble in the future.
Ask for any more doubts.
James |
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nancy
Guest
0.10 Dollars($)
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Post subject: quit deed form |
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| Is the quick deed valid only after it is filed, or is it the moment you sign it.. Thanks |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: |
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Hi Nancy,
Welcome to MortgageFit Forums.
After a deed is signed, it must be delivered to the grantee to make it valid. You can go for either of the two ways -
- The deed is to be given to the grantee
- The deed should be recorded with the county where the property is located
In case of recording the deed, a small charge is taken but it will protect the grantee. Before getting it recorded you must have an excise tax affidavit filed. In case you are going to hold it after it is signed, a lawyer must be involved to make it sure that the delivery is valid.
Hope you got the information. For anything more, kindly post it here.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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B
Guest
0.10 Dollars($)
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Post subject: quit claim deed |
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| I was contacted this week by a person in FL stating that I need to sign a quit claim deed for property left by an uncle after his death. Am I under any obligation to sign this paperwork. To me something seems fishy here? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Post subject: RE: |
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Hi,
Sorry to hear about your uncle. Regarding, signing of quitclaim deed you should ask the person who contacted you to show you some authentic documents where it is written that you need to sign a quit claim deed.
You can also check it with your uncles lender and confirm whether your uncle proposed your name as his successor. I will also advise you to take help from an attorney.
Thanks,
Jerry |
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dan
Guest
0.10 Dollars($)
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Post subject: addition of owner |
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| If I want to add someone as an owner of my home but not remove anyone would a quit claim deed be appropriate. |
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Linette
Guest
0.10 Dollars($)
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Post subject: |
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Hi Dan,
I think, in case a property has more than 1 owner, the co-owners are not affected by the quit claim deed. |
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