Friday, 7 October 2011

How to change the name on the deed to a house?

I need some advice. My grandmother who is elderly wants to change the name on the deed of her house over to me. She tells me that she wants to leave the house to me when she passes, but doesnt want me to incurr any of the inheritance taxes. We live in the state of PA. Does anyone know how you go about just changing the name on the Deed? thanks!!How to change the name on the deed to a house?She needs to contact her lawyer and file a quick claim deed. This releases her and places the house in your name (if you are the one listed on the quick claim). Very easy to do.
How to change the name on the deed to a house?
Doesn't the house have to be paid off in order to obtain it by quit claim deed? If there is a mortgage on it I am pretty sure that you would have to obtain a new loan because you will be liable for the balance owed.
How to change the name on the deed to a house?
as far as estate taxes or gift taxes you should consult a tax expert, but if you want to change the name in the title call the title company and have them send you the proper documentation for you to notarize it. I hope the home does not have a loan against it.
Her thinking is wrong. DON'T do this until you get advice from an estate lawyer or financial advisor. For one thing, you (the heir) don't pay %26quot;inheritance taxes.%26quot; You also will screw up the tax basis on which you acquire the house.
Hmm well I would talk to a banker about it if you want to change the deed but if you want to get around tax... then you should find a lawyer that handles that kind of stuff
she needs to get a title company to execute a QUIT CLAIM DEED of Trust. and entitle you as a joint tenant with rights of survivorship