Posted on: 08th Mar, 2011 04:31 pm
in california, if someone uses a quit claim deed to hand an over-encumbered property off to someone else (he wants to walk away), will there be any taxes involved? the loans on the property are almost twice the value of the property.
(i will be making the mortgage payments and taking on the property tax liability as well as covering all other costs.)
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(i will be making the mortgage payments and taking on the property tax liability as well as covering all other costs.)
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Hi crmsbm,
The person transferring the property will have to pay the transfer taxes to the county recorder.
Thanks
The person transferring the property will have to pay the transfer taxes to the county recorder.
Thanks