Posted on: 08th Jan, 2010 11:10 am
My mother wants to put me as joint owner of her house, does she have to do a quit claim and than what?
the quit claim would establish you and your mom as joint owners, and you'd file it with the local registrar of deeds/town or county clerk. you'd then both be owners. now the lender she has for her mortgage might be interested to know about this, and if you tell them, they could tell you that the due-on-sale clause has kicked in and you have to pay off the mortgage. that's not very likely, but it's a possibility. to placate them, you and she could refinance the existing mortgage and undertake the payments on the new one jointly.
i'm not a tax expert, but i see folk talking about taxes in circumstances such as we are discussing here. i advise that you check with your (or her) tax advisor to see what the ramifications of quit-claiming an interest in the property to you would be.
i'm not a tax expert, but i see folk talking about taxes in circumstances such as we are discussing here. i advise that you check with your (or her) tax advisor to see what the ramifications of quit-claiming an interest in the property to you would be.