Posted on: 16th Sep, 2009 08:11 am
My son owns property in colorado and wants to give the property to me--It is a financial strain on him-- the mortgage is in good standing but I don't have the credit need to take over the mortgage in my name. Although i can make the payments. My question is how can I get ownership of this property, without a monetary transfer of funds? Also, could we put this property into a real estate trust, so I can benefit from it for tax purposed?
Welcome kthaw,
You can transfer the property into your name with the help of a quitclaim deed. As far as transferring the property into a real estate trust is concerned, you should consult an attorney and discuss the issue with him.
You can transfer the property into your name with the help of a quitclaim deed. As far as transferring the property into a real estate trust is concerned, you should consult an attorney and discuss the issue with him.