Posted on: 17th Feb, 2009 12:57 pm
--i want to let my kids have my home. i still owe on it and they said they would pick up and help with the mortgage. so they deserve interest in this home. do i file a quit claim deed? thus getting both of them on the deed. will this cost extra in taxes etc?
what is the best way to proceed?
thank you,
mjl
what is the best way to proceed?
thank you,
mjl
hi ctlady,
if you want to add your kids to the title of the home, a quitclaim deed is no doubt a good option. but since you have a mortgage on it, you have to take permission from the lender before you can use a quit claim deed to transfer it to your kids. however, you can also refinance the home in your kids name and pay off the existing debt. as far as the various tax implications on the quitclaim deed is concerned, you can refer to the following page:
http://www.mortgagefit.com/discuss/quitclaim-taximplications.html
if you want to add your kids to the title of the home, a quitclaim deed is no doubt a good option. but since you have a mortgage on it, you have to take permission from the lender before you can use a quit claim deed to transfer it to your kids. however, you can also refinance the home in your kids name and pay off the existing debt. as far as the various tax implications on the quitclaim deed is concerned, you can refer to the following page:
http://www.mortgagefit.com/discuss/quitclaim-taximplications.html