Posted on: 20th Jun, 2008 09:28 am
I"ve been living in my parents second home for 11 years, they now would like for me to take over the payments and put it in my name so that I can homestead the taxes. Whats the best way to do that, or can I do a quit claim.. Thanks
hello onelove,
for you to homestead the taxes your town has to have the homestead tax option. i guess they do since you are asking about it. for you to be responsible for the property tax you will have to have the title in your name. to do so, you must do a quit claim or grant deed to have all the interest of property transferred over to you. after you have completed the quit claim or grant deed transfer, you should refinance the mortgage note in your name. good idea to consult the current lender of what your intentions are, so they will prepare for the transition as well.
good luck
jeanette smith
mortgage planner
union mortgage group
for you to homestead the taxes your town has to have the homestead tax option. i guess they do since you are asking about it. for you to be responsible for the property tax you will have to have the title in your name. to do so, you must do a quit claim or grant deed to have all the interest of property transferred over to you. after you have completed the quit claim or grant deed transfer, you should refinance the mortgage note in your name. good idea to consult the current lender of what your intentions are, so they will prepare for the transition as well.
good luck
jeanette smith
mortgage planner
union mortgage group
It is a state by state thing. In CA you can go down to the county recorders office and fill out a form that transfers the tax base from generation to generation and allows you to keep the tax base the same.
I actually have a home that skipped a generation and I am paying the taxes based on a 1974 purchase price... Like $400 a year...
Good Luck
Brian
I actually have a home that skipped a generation and I am paying the taxes based on a 1974 purchase price... Like $400 a year...
Good Luck
Brian
I agree with the above suggestion. You can choose the quit cliam.
