What is the best way to obtain full ownership of a jointly owned vacation property?
I own 50% of vacation condo. The other owner is having financial problems, including possible IRS liens.
He wants to give me his half in return for taking over future mortgage payments and canceling the condo related debts he owes me.
Can I just do a quit claim deed to gain full title and not refinance the loan so I do not have to pay closing costs? Or do I have to refinance the loan with my bank and have his name removed (I would qualify on my own)?
Are there any tax deductions I might be able to take for the extra expenses associated with taking ownership?
Selling the unit is not an option due to the economy. Any ideas or suggestions are welcome. Thanks.
A quit claim deed will only take his name off of the title- It will not take him off of the mortgage. You would need to refinance in order to remove his name from the mortgage. I once had a client that had quit claimed a deed to her ex-husband. She was re-married and trying to get pre-approved to purchase a home with her new husband. It came back on her credit report that the home was being foreclosed on! Her ex hadn't paid the mortgage and even though she had quit claimed the deed-she had never refinanced to remove her name from the mortgage-therefore being held liable! She hired an attorney but there wasn't anything she could do. The house was foreclosed upon and it is now on her credit report.
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