Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

quit claim deed

Author Message
sammi

Guest







Post Posted: Tue Nov 18, 2008 7:45 pm    Post subject: quit claim deed
Like 0
Dislike 0

my mother who is deceased ( 3/21/07) sign a quit claim deed over to my niece before her death. the title to the home is under my daughters name and mother's name however she did not remove my mother's name from the title.

can we still do the title change? does my niece have to pay any inheritance tax on this?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10164
Location: Nevada
944.24 Dollars($)
Post Posted: Tue Nov 18, 2008 10:38 pm    Post subject:
Like 0
Dislike 0

Hi sammi!

If your mother has signed a quitclaim deed where she made your niece the owner of the property, then I don't think you need to change her name. If the new deed is recorded, then the old deed will not be taken into consideration. Inheritance taxes will depend upon the state laws. There are some states where you need not pay the federal taxes but you will have to pay the state taxes in terms of inheritance.

Thanks.
Icon Mini Profile steve2
steve2


best lender badge

Joined: 23 Nov 2008

Posts: 17
Location: Pensacola, FL
8.17 Dollars($)
Post Posted: Wed Nov 26, 2008 1:42 pm    Post subject:
Like 0
Dislike 0

Definitely seek the counsel of a real estate attorney. It may cost you $100 to meet with one to discuss your situation, but the advice could save you thousands with the IRS.
_________________
Steve Russell
Mortgage Banker
Primary Residential Mortgage
www.SteveRussellOnline.com
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.074 seconds.