Posted on: 15th Feb, 2010 10:04 am
My dad is almost done with the mortgage on the house and he would like to transfer the house over under my name. What are the steps that we need to get it done properly? Is it consider as a gift? Do I have to file tax on this one?
Welcome smithc,
If the property is free and clear (i.e. if the mortgage is fully paid off), then your father can use a warranty deed in order to transfer the property to you. Once this is done, you need to record the deed at the county recorder's office. If your father transfers the property to you as a gift, then he would be responsible for paying gift taxes and not you.
If the property is free and clear (i.e. if the mortgage is fully paid off), then your father can use a warranty deed in order to transfer the property to you. Once this is done, you need to record the deed at the county recorder's office. If your father transfers the property to you as a gift, then he would be responsible for paying gift taxes and not you.