Posted on: 11th Mar, 2010 11:25 pm
i live in michigan. i am buying my house off my mom via land contract. i owe her about $60,000 on the contract. she said that i paid enough due to the market conditions and the present value of it. can she just quit claim deed it to me without any legal/tax consequences? there is no mortgage on the house. she holds the deed.
Welcome eileenmpasko,
If the property is free and clear, then your mother can sign a warranty deed and transfer the property to you. However, if she transfers the property to you as a gift, then she will be liable for paying the gift taxes.
If the property is free and clear, then your mother can sign a warranty deed and transfer the property to you. However, if she transfers the property to you as a gift, then she will be liable for paying the gift taxes.