Posted on: 04th Mar, 2009 06:43 pm
my partner and i each own our own condos. we want to add each others name to our deeds. we live in florida. would a quitclaim deed be the best way, and what are the tax consequences. there are mortgages on both properties. but we are not interested in assuming each others mortgages, although the prices and time we purchased the condos are the same.
Hi snorkelcat,
A quitclaim deed would be good option to add someone to the title. You need to pay a few taxes like stamp doc taxes, transfer fees etc. However, you can also receive certain gift tax exemption. As there are mortgages on the condos, you may have to inform the lender about the title change.
A quitclaim deed would be good option to add someone to the title. You need to pay a few taxes like stamp doc taxes, transfer fees etc. However, you can also receive certain gift tax exemption. As there are mortgages on the condos, you may have to inform the lender about the title change.