Posted on: 27th Apr, 2010 03:36 pm
my mother just became a widow and is talking about us signing a quit claim deed with me for her house and property. would i then be responsible for property taxes? we had heard from someone that i would not, and could not borrow against the property for at least 5yrs. my mother just wants to make sure i get the property with out any hassle. the property and everything she owns is paid for.
Hi floridagal,
If you become the owner of the property, then you would be responsible for the property taxes. Once you become the owner of the property, then you can use it as a collateral and borrow money. I haven't heard of this 5 year rule. You may contact an attorney and check out if there is any such rule.
Thanks
If you become the owner of the property, then you would be responsible for the property taxes. Once you become the owner of the property, then you can use it as a collateral and borrow money. I haven't heard of this 5 year rule. You may contact an attorney and check out if there is any such rule.
Thanks