Posted on: 25th Jan, 2011 04:22 pm
would it be more cost effective if my name will be added to the title of my father's property or transfer the property to my name? I heard there fees to be paid should it be transfered.
Welcome clim,
In both the cases, you and your father will be liable for paying off the fees at the county recorder's office. However, if your father transfers the property to you as a gift, then he will be liable for paying off the gift taxes.
In both the cases, you and your father will be liable for paying off the fees at the county recorder's office. However, if your father transfers the property to you as a gift, then he will be liable for paying off the gift taxes.
would a quitclaim be a good alternative
Welcome Guest,
A quitclaim deed can be used to transfer property from one person to another. However, the grantor will be liable for paying gift taxes if he or she transfers the property as a gift.
A quitclaim deed can be used to transfer property from one person to another. However, the grantor will be liable for paying gift taxes if he or she transfers the property as a gift.