Posted on: 14th Jul, 2010 09:18 pm
My parents owned a home for 15 years.
6 years ago they added me to the title and refinanced. All 3 of us are on title and mortgage. No property re-assesment occured.
I have since married and am refinancing and want to avoid prop tax reassess as it could double if done wrong?
The new title and loan will be JUST my wife and I and removing my parents. The escrow wants to do a grant deed from the 3 of us current title holders to the new 2 of us (wife & me).
Seems strange to do a grant deed from myself to myself, and I am thinking that a quitclaim may be better to make sure it doesn't look like a new sale that triggers a reassessment as that would make my payment $300 more a month and make the refi useless.
Thoughts on the best route?
thanks!
6 years ago they added me to the title and refinanced. All 3 of us are on title and mortgage. No property re-assesment occured.
I have since married and am refinancing and want to avoid prop tax reassess as it could double if done wrong?
The new title and loan will be JUST my wife and I and removing my parents. The escrow wants to do a grant deed from the 3 of us current title holders to the new 2 of us (wife & me).
Seems strange to do a grant deed from myself to myself, and I am thinking that a quitclaim may be better to make sure it doesn't look like a new sale that triggers a reassessment as that would make my payment $300 more a month and make the refi useless.
Thoughts on the best route?
thanks!
By the way, this is in california (southern)
Hi Kevinkevin!
Welcome to forums!
As there is a mortgage on the property, then you and your parents need to use a quit claim deed in order to get the property transferred in your name and your wife's name. I don't think you'll be able to use a grant deed in this case. Once there is a property transfer, then the tax assessor will assess your taxes and there can be a slight increase in your property taxes. As far as I know, you won't be able to avoid this.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As there is a mortgage on the property, then you and your parents need to use a quit claim deed in order to get the property transferred in your name and your wife's name. I don't think you'll be able to use a grant deed in this case. Once there is a property transfer, then the tax assessor will assess your taxes and there can be a slight increase in your property taxes. As far as I know, you won't be able to avoid this.
Feel free to ask if you've further queries.
Sussane