Posted on: 17th Jun, 2013 09:18 pm
i have a rental property that is worth approx 350k and i owe 240k on it i want to sell it to my son but i am not sure whether i should give myself 15k and sell it with a 20% gift of equity so he avoids pmi or whether to quit claim deed it to him for what is owed on the property (as i think the transfer in washington dc is exempt for a family member). it is not an assumable loan, so i am not sure how to handle this one and will i owe taxes on the gift of equity.
thanks
thanks
hi cspcon!
welcome to the forums!
as the loan is not assumable, your son will have to refinance it. you can simply quitclaim the property for what is owed and ask him to refinance the loan.
sussane
welcome to the forums!
as the loan is not assumable, your son will have to refinance it. you can simply quitclaim the property for what is owed and ask him to refinance the loan.
sussane
Hi cspcon,
You should discuss all your options with a real estate attorney before transferring the property to a son. The attorney will let you know whether or not there will be any legal repercussions.
Thanks
You should discuss all your options with a real estate attorney before transferring the property to a son. The attorney will let you know whether or not there will be any legal repercussions.
Thanks