Morgage question..

Dejanh · #1 (**permalink**) 03-29-2010, 02:38 PM

Hello.

I have a question about the morgage that both me, and my dad are on. We are both owners of the house and my question relates to the fact that i am planning to pay off my morgage in the next month or two and since my dad wants me to have a house for myself, how do i go about making sure that title reads only my name and not his. He is moving overseas together with my mom and they are not planning to live in the states anymore.

Is this something that i can do myself without getting a lawyer involved?
What is the best option ?

Thank you very much.

sapphirecapital · #2 (**permalink**) 03-29-2010, 03:51 PM

you need to change the title and as a gift there could be tax implications, but you can buy his part for an amount, lets say the real value minus the part of the mortgage, all depends, you better see a local attorney and speak to your accountant, if it is an advance before probate that ma result in a non taxable situation but better do it right, for you and your dad because the IRS has the nasty habit of following up.

sussanesylvia · #3 (**permalink**) 05-24-2010, 07:26 AM

It would be good if you consult an attorney who can guide you through the entire procedure. Even if you want to do it yourself you need to take advice of some expert. Change of titles involves lot of procedure and to avoid any kind of inconveniences take the help of professionals.

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