Posted on: 22nd Jun, 2010 06:55 pm
my mom wants to transfer the house to me. she wants me to also take over the mortgage, from reading the forum, it appears that i would have to either refinance or seek novation from the lender. here are my questions:
1. i am assuming quitclaim is the best option in this case?
2. do i go to the bank first and take care of this or quitclaim first before going to the bank?
3. does anyone know if it los angeles county reassess the property tax once this is done?
4. does this trigger any other tax related issue?
sorry if my questions seem very elementary, i am not that familiar with this whole process so any comments would be appreciated, thank you!
1. i am assuming quitclaim is the best option in this case?
2. do i go to the bank first and take care of this or quitclaim first before going to the bank?
3. does anyone know if it los angeles county reassess the property tax once this is done?
4. does this trigger any other tax related issue?
sorry if my questions seem very elementary, i am not that familiar with this whole process so any comments would be appreciated, thank you!
Hi Hawk,
You mother can use a quit claim deed in order to transfer the property to you. Your mother needs to transfer the property to you first and then you need to go to the bank in order to get a refinance or a novation. I do not know specifically about Los Angeles, but it is true that after a property transfer, the county generally reassess the property taxes.
If your mother is transferring the property to you as a gift, then she would be responsible for paying the gift taxes.
Thanks
You mother can use a quit claim deed in order to transfer the property to you. Your mother needs to transfer the property to you first and then you need to go to the bank in order to get a refinance or a novation. I do not know specifically about Los Angeles, but it is true that after a property transfer, the county generally reassess the property taxes.
If your mother is transferring the property to you as a gift, then she would be responsible for paying the gift taxes.
Thanks
Hi Hawk,
Tell your mother to sign a quitclaim deed and transfer the property in your name and then you need to re-finance to change the mortgage in your name. However, it is totally up to your lender to approve it or not. You can consult with your lender first regarding this. If your mom is making a gift deed then she has to pay the gift taxes as per your state law.
Hope this will help you.
Tell your mother to sign a quitclaim deed and transfer the property in your name and then you need to re-finance to change the mortgage in your name. However, it is totally up to your lender to approve it or not. You can consult with your lender first regarding this. If your mom is making a gift deed then she has to pay the gift taxes as per your state law.
Hope this will help you.