Home Selling in Los Angeles>Question Details

Kulsum Wahid, Home Seller in Chino Hills, CA

IF I CARRY THE MORTGAGE AND DO THE QUIT CLAIM DEED TO AN OUTSIDE PERSON THEN THIS HOUSE WILL AVOID IN

Asked by Kulsum Wahid, Chino Hills, CA Tue Nov 18, 2008

IF I CARRY THE MORTGAGE AND TRANSFER THE TITLE OF PROPERTY TO SOMEONE ELSE
THROUGH ESCROW, WILL THE IRS PUT THE LIEN ON THIS PROPERTY IN FUTURE THOUGH
I AM NO LONGER A OWNER FO THE PROPERTY

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Answers

3
Victoria thumbs up and thanks - but does the IRS not make the final rule on a transfer of interest in title. As for the nominee - yes it makes no sense.
0 votes Thank Flag Link Mon Feb 2, 2009
Maybe this is true in CA but in Colorado there does not have to be a consideration. You could put it in a land trust and have wife or relative the trustee. You can not be trustee. Then a lien can not be put on the property.
RE investor in CO
0 votes Thank Flag Link Mon Feb 2, 2009
A Quit claim or other transfer of the property must be for valauble consideration. Damn it - great question . You cannot transfer the asset but can have a nominee -why though?

Really - great question!
0 votes Thank Flag Link Sun Feb 1, 2009
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