Posted on: 23rd Mar, 2009 12:32 pm
i am assuming a mortgage from my mother and have talked to the lender and was told that if we send them a copy of the quit claim deed that they will transfer everything into my name and i can assume the mortgage. when filing the quit claim what do i write in for total sum paid for the land?
Hi uteoat,
A quitclaim deed transfers the title of the property from one individual to another. Thus, you have to pay taxes on the value of the property that is being transferred. Actually it is the grnator i.e. your mother who has to pay the taxes.
If there is any exchange of money taking place between your mother and you, you need to mention that on the deed. But if there is no money transaction involved in the process, you need to write a minimum figure, say $10 on the deed.
A quitclaim deed transfers the title of the property from one individual to another. Thus, you have to pay taxes on the value of the property that is being transferred. Actually it is the grnator i.e. your mother who has to pay the taxes.
If there is any exchange of money taking place between your mother and you, you need to mention that on the deed. But if there is no money transaction involved in the process, you need to write a minimum figure, say $10 on the deed.