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kdw
Guest
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 Posted: Thu Jul 02, 2009 2:45 pm Post subject: QUIT CLAIM |
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My father owns the a house I have been renting from him. I now want to purchase the house. He wants to sell it to me for what is left on the morgage. He has been depreciating the house on his taxes and to avoid having taxable income we have been advised to have him quitclaim the house to me and I should then get a mortgage to pay him the money for the current mortgage. Is this something we can do or will we run into problems with the title?
KaREN |
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 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Thu Jul 02, 2009 7:58 pm Post subject: |
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Hi karen,
You can ask your father to sign a quitclaim deed and transfer the property to you. Once he does so, you can then refinance the mortgage in your name and pay off the mortgage.
Thanks |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Sat Jul 04, 2009 8:35 am Post subject: |
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You can file a quitclaim deed, but a warranty deed would be better.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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