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Mom Is On The Title |
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Dear Edith: Since my wife and I didn’t have enough for a down payment, my Mom, wanting us to move closer to her, offered to pay for any house we found. So we put our money together and took out a mortgage for the rest with a loan in her name and with both my name and hers on the title for the house. Long story short, my Mom came into some money shortly thereafter, and the mortgage was paid off. I would like to have the title put into mine and my wife's name, and have my Mom's name removed. My Mom has no problem with this, however we do not know how to go about getting the title changed. Is it difficult to do and would my Mom have to sign off or something? Whom do I contact, and are there fees involved? |
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When there's no mortgage against the house it's a simple matter to change ownership. You and your mother sign a new deed naming you and your wife as owners, the deed is recorded in the county's public records, and that's all. There might be a gift tax return to be filed, but no actual tax would be due. A lawyer can help with the correct paperwork for this relatively inexpensive process. |
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Edith
Originally published on November 29, 2005 |
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