Posted on: 28th Feb, 2011 01:25 pm
a will leaves a property equally to a number of people and the property has an outstanding mortgage (loan) on it. if all of the parties agree that the property should go solely to one person can all of the other people transfer title/ownership to the one individual via quit claim and then can the remaining individual have the entire loan (mortgage) transfered to him via novation?
hi crowfrank!
welcome to forums!
all the people can transfer the property to one person with the help of a quitclaim deed. the loan can be transferred to that person via novation or refinance.
feel free to ask if you've further queries.
sussane
welcome to forums!
all the people can transfer the property to one person with the help of a quitclaim deed. the loan can be transferred to that person via novation or refinance.
feel free to ask if you've further queries.
sussane
Who pays the inheritance taxes, the original person who is willed the portion of property or the person receiving the property after Quitclaim is invoked?
Hi crowfrank,
As far as I know, the person who is receiving the property will be liable for paying the inheritance taxes.
Thanks
As far as I know, the person who is receiving the property will be liable for paying the inheritance taxes.
Thanks