Can my parents transferr there 2nd home into my name so I ca

onelove469 · Joined: 20 Jun 2008 Posts: 1 1.31 Dollars($)

I"ve been living in my parents second home for 11 years, they now would like for me to take over the payments and put it in my name so that I can homestead the taxes. Whats the best way to do that, or can I do a quit claim.. Thanks

Jeanette · Posted: Fri Jun 20, 2008 9:54 am Post subject:

Hello Onelove,

For you to homestead the taxes your town has to have the homestead tax option. I guess they do since you are asking about it. For you to be responsible for the property tax you will have to have the title in your name. To do so, you must do a quit claim or grant deed to have all the interest of property transferred over to you. After you have completed the quit claim or grant deed transfer, you should refinance the mortgage note in your name. Good idea to consult the current lender of what your intentions are, so they will prepare for the transition as well.

Good luck

Jeanette Smith
Mortgage Planner
Union Mortgage Group

brian1 · Posted: Fri Jun 20, 2008 9:17 pm Post subject:

It is a state by state thing. In CA you can go down to the county recorders office and fill out a form that transfers the tax base from generation to generation and allows you to keep the tax base the same.

I actually have a home that skipped a generation and I am paying the taxes based on a 1974 purchase price... Like $400 a year...
Good Luck
Brian

smaildaytoday · Joined: 15 Oct 2007 Posts: 52 0.14 Dollars($)

I agree with the above suggestion. You can choose the quit cliam.

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