Posted on: 30th Aug, 2010 11:53 pm
My 65 year old widowed sister (no children) would like to put my 28 year old daughter on the deed to her home in Hawaii. Will my daughter need to pay taxes on that? Will it be considered income? Does my sister still need to make a will? Or will she need to do a trust for anything else she owns?
you can add anyone u want if u are the owner of the property through a quit claim deed this is the simplest way. however you should state what that person's interest will be (i.e, 25% 50% etc.). in addition the total should be 100%. check with the laws in your state about the procedure
Doesn't she also need bank approval if there is a loan on the property?
Hi cchung,
Your widowed sister will be able to add your daughter to the deed though there is a mortgage in the property. However, she will have to inform the lender about the change in ownership and there are chances that the lender will ask both of them to refinance the mortgage.
Thanks,
Jerry
Your widowed sister will be able to add your daughter to the deed though there is a mortgage in the property. However, she will have to inform the lender about the change in ownership and there are chances that the lender will ask both of them to refinance the mortgage.
Thanks,
Jerry