Posted on: 27th Apr, 2011 12:39 pm
about 1.5 years ago, i moved into my parents house with my kids because i had lost my job.
my credit was not good enough to buy so i was living in the house paying the monthly mortgage payments . this was my parents mortgage.
after a while, my parents thought it was a good idea to quit claim the house to me to help me since i was not able to finance a new home by myself and i was making all the mortgage payments. they consulted an attorney and was told that there would not be any excise tax because it was to be a gift and also since i have been making all the mortgage payments??
so we did and then we got hit with an excise tax bill.
my lawyer appealed but lost.
but then we got a letter from my parents mortgage company telling us that the quit claim was never authorized and invalid.
a few months ag my parents decided to refinance the house and simply add my name to the new mortgage.
so in essence, if the quit claim was never a valid claim even though recorded by the county, ownership never changed....
do i still have pay excise tax for this error and/or what can i because i really do not need to be on this deed? do i quit claim the property back to them???
please help.
my credit was not good enough to buy so i was living in the house paying the monthly mortgage payments . this was my parents mortgage.
after a while, my parents thought it was a good idea to quit claim the house to me to help me since i was not able to finance a new home by myself and i was making all the mortgage payments. they consulted an attorney and was told that there would not be any excise tax because it was to be a gift and also since i have been making all the mortgage payments??
so we did and then we got hit with an excise tax bill.
my lawyer appealed but lost.
but then we got a letter from my parents mortgage company telling us that the quit claim was never authorized and invalid.
a few months ag my parents decided to refinance the house and simply add my name to the new mortgage.
so in essence, if the quit claim was never a valid claim even though recorded by the county, ownership never changed....
do i still have pay excise tax for this error and/or what can i because i really do not need to be on this deed? do i quit claim the property back to them???
please help.
Hi mansunwoo,
If the quitclaim deed was recorded at the county recorder's office, then it should be as valid. I will suggest you to have a word with a real estate attorney in this regard and take his opinion in this matter.
Thanks
If the quitclaim deed was recorded at the county recorder's office, then it should be as valid. I will suggest you to have a word with a real estate attorney in this regard and take his opinion in this matter.
Thanks