Posted on: 22nd Apr, 2010 10:01 am
I lives in washington state, me and my uncle bought a home together as a investment property three years ago, now its value has dropped and i decide to take over the property with agrement of my uncle. i gona pay him 30,000 dollars and he will transfer the title to me.The mortgage part is already done, mean mortgage is on my name now because we refinanced the home last octa(2009). Can you tell me detail process of transfering the title and do we need to pay excise tax also.
Hi Guest!
Welcome to forums!
Your uncle will have to sign a quit claim deed and transfer the property in your name. He can contact an attorney and take his help in getting the deed drafted. Once the deed is filled out, it needs to be recorded at the county recorder's office. There would be certain taxes which the grantor needs to pay while he or she transfers the property. This will include transfer fees, stamp docs, etc.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your uncle will have to sign a quit claim deed and transfer the property in your name. He can contact an attorney and take his help in getting the deed drafted. Once the deed is filled out, it needs to be recorded at the county recorder's office. There would be certain taxes which the grantor needs to pay while he or she transfers the property. This will include transfer fees, stamp docs, etc.
Feel free to ask if you've further queries.
Sussane