Posted on: 14th Nov, 2010 10:06 am
hello,
my mother-in-law passed away a few years ago and in her will, she had 25% of the house/property given to my wife. the father-in-law is still alive and living in the house but we have concerns that he may not be able to maintain the payments and property taxes in the near future. we would like to transfer the property over to him completely so that if he needs to sell we won't have to be involved. also we'd like to avoid being involved if a lien gets placed on the property because he didn't pay his taxes. unfortunately my wife and i are in no position to help him financially on this. from what i can tell, my wife is only on the deed and not on the mortgage.
2 questions...
would a quit claim deed be sufficient for this?
are there any tax implications for either my wife or my father-in-law?
in case it matters, the property is in santa clara county, ca.
thanks in advance!
phill
my mother-in-law passed away a few years ago and in her will, she had 25% of the house/property given to my wife. the father-in-law is still alive and living in the house but we have concerns that he may not be able to maintain the payments and property taxes in the near future. we would like to transfer the property over to him completely so that if he needs to sell we won't have to be involved. also we'd like to avoid being involved if a lien gets placed on the property because he didn't pay his taxes. unfortunately my wife and i are in no position to help him financially on this. from what i can tell, my wife is only on the deed and not on the mortgage.
2 questions...
would a quit claim deed be sufficient for this?
are there any tax implications for either my wife or my father-in-law?
in case it matters, the property is in santa clara county, ca.
thanks in advance!
phill
Hi phill,
Your wife will have to probate the will and get the property transferred in her name. Once she does so, then she can transfer the property to her father. This will release her from any responsibility toward the house. Once your wife transfers the property to her father, she may have to pay the fees for property recording, stamp docs, etc.
Thanks
Your wife will have to probate the will and get the property transferred in her name. Once she does so, then she can transfer the property to her father. This will release her from any responsibility toward the house. Once your wife transfers the property to her father, she may have to pay the fees for property recording, stamp docs, etc.
Thanks
Thanks for the reply!
It turns out it was a living trust and everything was handled in 2005. I've also checked online at the Santa Clara County Recorders website and found that her and her brother have both been added to the deed. Now both of them would like to remove their names from the deed and this is where I keep running into confusion.
There will not be any sale of the property involved and they want to release any interests/liabilities in it so that their father will be the only person listed. To perform this transfer, will a quit claim deed be good enough? Or should they look at another method? We have no problem paying fee for recording, notery, etc, they just don't want a tax hit on either them or their father.
Thanks!
Phill
It turns out it was a living trust and everything was handled in 2005. I've also checked online at the Santa Clara County Recorders website and found that her and her brother have both been added to the deed. Now both of them would like to remove their names from the deed and this is where I keep running into confusion.
There will not be any sale of the property involved and they want to release any interests/liabilities in it so that their father will be the only person listed. To perform this transfer, will a quit claim deed be good enough? Or should they look at another method? We have no problem paying fee for recording, notery, etc, they just don't want a tax hit on either them or their father.
Thanks!
Phill
Hi phill!
Welcome to forums!
You will have to ask the grantors of the property to sign a quitclaim deed and transfer the property to the father. This will make the father the sole owner of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to ask the grantors of the property to sign a quitclaim deed and transfer the property to the father. This will make the father the sole owner of the property.
Feel free to ask if you've further queries.
Sussane