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Slowrose, Other/Just Looking in 18428

Can I remove my name from the deed of a house if it was inherited?

Asked by Slowrose, 18428 Sun Mar 11, 2012

I have a house that was inherited by my siblings and me. I would just like to remove my name from the deed and give it to them. The mortgage is "in the estate of (our father)". Is it possibke to just remove my name? If so how is this done? Thank you

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Since the names on the deed and the mortgage should be the same, some legal work needs to be done. If all parties are in agreement, then you may gift or sell your interest to your siblings. However, the lender would require the names on the mortgage to also match the deed. Depending on your lender, your siblings may be required to either assume the loan from the estate or pay off that loan and apply for a loan of their own based on qualifications. This can be completed by a Real Estate Attorney or perhaps the Attorney handling the Estate can be of service.
0 votes Thank Flag Link Mon Apr 23, 2012
Well, Slowrose, it's always an interesting question as to why someone wants to give up ownership of property.

So, why do you want to do this?
0 votes Thank Flag Link Sun Mar 11, 2012
Hi Slowrose

You definitely need to get in touch with a Trust and Estate attorney, who handles such
Matters, and can explain you the Tax implications of gifting to the kids as well as the Mortgage associated with
The home.

You can also get int ouch with the Title Company such as Chicago Title or Old Republic Title company
And they can help with you the Transfer of name after you have understood the other implications.

Good luck.
Ruth

Http://www.ruthandperry.com
0 votes Thank Flag Link Sun Mar 11, 2012
Hi

Your best bet is to speak with the Attorney for the Estate and refuse the inheritance. If you take ownership and subsequently give your share to your siblings you could be subjecting yourself to gift tax issues. Talk with the attorney now before it is setteled and transfered to you.

Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
Yardley Pa 19067
215-321-3307 Direct
215-208-7169 Cell
mark@franandmark.com
http://www.franandmark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Sun Mar 11, 2012
You should see an attorney and you could easiliy quitclaim your interest to the others by signing a quit claim deed. if your name is on the mortgage it does not remove your liability though.
Web Reference: http://www.ScottsellsNH.com
0 votes Thank Flag Link Sun Mar 11, 2012
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