Posted on: 08th Apr, 2010 06:55 pm
hello,
i desperately need some advice. almost a year ago, my father and his wife, who live in australia and are australian citizens purchased a house in michigan in which my husband, daughter, and i live. the mortgage is in my father and his wife's name with an au bank, but i actually send monthly payments to him and the plan is for the home to eventually be fully paid in 9 years, at which time i will become the owner. the current problem is that our city taxes are extremely high because my father and his wife, who are the owners, do not reside there. also, i have to pay landlord insurance and seperate renter's insurance. if my father adds my name to the property with a quit claim deed, will this solve some of the problems???? thank you......
i desperately need some advice. almost a year ago, my father and his wife, who live in australia and are australian citizens purchased a house in michigan in which my husband, daughter, and i live. the mortgage is in my father and his wife's name with an au bank, but i actually send monthly payments to him and the plan is for the home to eventually be fully paid in 9 years, at which time i will become the owner. the current problem is that our city taxes are extremely high because my father and his wife, who are the owners, do not reside there. also, i have to pay landlord insurance and seperate renter's insurance. if my father adds my name to the property with a quit claim deed, will this solve some of the problems???? thank you......
Hi fayeluce!
Welcome to forums!
Your father can add your name to the property with the help of a quit claim deed. It will make you an owner of the property. This may have an affect on your taxes. You can have a word with your tax adviser and he will help you in a better way in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your father can add your name to the property with the help of a quit claim deed. It will make you an owner of the property. This may have an affect on your taxes. You can have a word with your tax adviser and he will help you in a better way in this regard.
Feel free to ask if you've further queries.
Sussane