Posted on: 02nd Jan, 2010 04:32 am
i need to get my home in virginia beach out of my name and put into daughters.
does that mean i sell it for whatever the payoff is or can she take over my first and second mortgage?
does that mean i sell it for whatever the payoff is or can she take over my first and second mortgage?
to put your daughter on property deed you have use quit claim deed to do that, to fill out quit claim deed contact your attorney. yes, your daughter can carry over your current mortgage by refinance your current mortgage to your daughter, after that he will be responsible for pay off loan.
thanks & regards.
gunz.ijjistaff
thanks & regards.
gunz.ijjistaff
Hi tanaminor,
It is not mandatory to sell off the property to your daughter. You can simply transfer the property to your daughter with the help of a quit claim deed. However, by doing so, you'll become liable for the gift taxes. In order to know the gift tax exemptions, you can check out the given page:
http://www.mortgagefit.com/gift.html#111114
As far as the mortgage is concerned, your daughter will have to refinance the loan in her name. Thus, she will become responsible for the property as well as the mortgage.
Thanks
It is not mandatory to sell off the property to your daughter. You can simply transfer the property to your daughter with the help of a quit claim deed. However, by doing so, you'll become liable for the gift taxes. In order to know the gift tax exemptions, you can check out the given page:
http://www.mortgagefit.com/gift.html#111114
As far as the mortgage is concerned, your daughter will have to refinance the loan in her name. Thus, she will become responsible for the property as well as the mortgage.
Thanks
transferring title will result in the due on sale clause in your mortgage to kick in. in other words, the note is due in full at that time. as noted, she'd have to find a lender with whom she can refinance the existing mortgage. you're better off if you can coordinate the quit claim deed with the new mortgage.
