Posted on: 02nd Jul, 2009 02:45 pm
My father owns the a house I have been renting from him. I now want to purchase the house. He wants to sell it to me for what is left on the morgage. He has been depreciating the house on his taxes and to avoid having taxable income we have been advised to have him quitclaim the house to me and I should then get a mortgage to pay him the money for the current mortgage. Is this something we can do or will we run into problems with the title?
KaREN
KaREN
You can file a quitclaim deed, but a warranty deed would be better.
