Posted on: 21st Feb, 2009 11:58 am
my question is the following. my father ( now deceased) left me as the executor in his will on some land and two homes that my wife and i live on . i have always made the mortgage payment ever since my father got the mortgage loan . the property is still under his name and my mothers which still lives with us on the same property. i need to put the property and mortgage under my name for immigration purposes ( to show that my wife and i have a home and are together ) .is the quitdeed the best way to transfer the property and mortage to my name , and do i have to pay an inheritance tax . the property is valued at about $165,000 , has two homes on 11 acres of land, thank you .
hi josh and yudi,
a quitclaim deed would be a good option to transfer property to your name. but this will not transfer the mortgage to your name. you are required to refinance it to your name after the property has been quitclaimed to you. as far as i know you needn't pay any inheritance taxes if the value of the property is less than $1 million. however, you need to pay transfer and stamp doc fees for the quitclaim deed.
a quitclaim deed would be a good option to transfer property to your name. but this will not transfer the mortgage to your name. you are required to refinance it to your name after the property has been quitclaimed to you. as far as i know you needn't pay any inheritance taxes if the value of the property is less than $1 million. however, you need to pay transfer and stamp doc fees for the quitclaim deed.