Posted on: 05th Jan, 2011 09:33 pm
i have a house that is paid off in philadelphia where real estate transfer taxes are an outrageous 4% of sales price of home. i was looking to get money out the house but im not able to qualify for a loan. if i added a friend to the title with a quit claim deed, could he get a loan on the house? would i avoid transfer taxes if i did it this way.
It would be proved illegal in the future if you get stucked in the hands of tax officer so i suggest don't try to do this.