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My mother is in hospice and wants to transfer her property over to me (her daughter) through a Quit Claim Deed. Would I just be taking over her payments (mortgage, annual taxes, etc.) or will the taxes be higher? I have heard that we would have to pay a certain percentage in taxes of what the property is worth. Is this true?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Hi Alicia,

Your mother can use a quit claim deed to transfer her property to you. But it is likely that the mortgage company will require that the mortgage be refinanced in your name because of change in title ownership.

Miller

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larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Alicia,

When your mother will transfer the property by quitclaim deed, the lender will require you to refinance the loan in your name because of the title change. You cannot simply take over her payments towards the loan without a refinance. And after getting the ownership rights over the property, you will have to pay the applicable property tax on it.

Posted: Tue Sep 04, 2007 11:09 am Post subject:

what about gift taxes larry?

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

Gift taxes are to be paid if the value received by grantor is less than present market value of property.

If Alicia's mother is not receiving any value for transferring her ownership to Alicia then it would be considered that she has made a gift. In such case she may have to pay gift taxes if the allowed gift tax exemption limit is crossed.

Please go through this following page to know more about the allowed gift tax exemption limit - http://www.mortgagefit.com/discuss/quitclaim-taximplications.html

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