Posted on: 05th Jun, 2008 11:47 am
My parents are ill and they are quick claiming me their house!!! Do I pay taxes on the house or do they.
Hello Billy,
Welcome to the Forum,
Very sorry to hear about your parents being ill.
Once the property is quit claim over to you, then you will have to refinance to put the mortgage in your name. Then you will be solely responsible for the the escrows. (taxes and insurance) along with the Principle and Interest.(mortgage payments) each month.
Thanks/Goodluck
Jeanette Smith
Mortgage Planner
Union Mortgage Group
"www.union-mtg.com"
[Link deactivated as per the forum rules]
Welcome to the Forum,
Very sorry to hear about your parents being ill.
Once the property is quit claim over to you, then you will have to refinance to put the mortgage in your name. Then you will be solely responsible for the the escrows. (taxes and insurance) along with the Principle and Interest.(mortgage payments) each month.
Thanks/Goodluck
Jeanette Smith
Mortgage Planner
Union Mortgage Group
"www.union-mtg.com"
[Link deactivated as per the forum rules]
They are responsible for the gift taxes, if any. You will become responsible for the property taxes once you take ownership.
