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Can I change a house deed?

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    Can I change a house deed?

    In order to buy a house, my parents cosigned my mortgage. We are 50/50 on the deed. Once I pay off the mortgage in full (likely 2 more years). Is there a way, with their help, to remove their names from the deed? If so, is it an expensive process?
    Thanks.

    #2
    quit claim

    http://www.ehow.com/about_5217570_quit-claim_.html
    retired in 2009 at the age of 39 with less than 300K total net worth

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      #3
      You need to locate your state's Register of Deeds office and obtain a 'Quit Claim' form for your parents to fill out since you will remain on the deed. All parties sign in front of a Notary Public. The forms should be free and need to be completed using the legal description of land and building[s]. If the description is too long for the space on the form, write 'see Attachment A' and add that legal description on a separate paper. The county clerk is usually a Notary Public and likely charges a modest fee. They affix a seal having verified all is correct and legal.

      Forms may be available on-line with details for your particular state, there may be a fee for the service.

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        #4
        Thanks for all the helpful posts. Are there any taxes or fees associated with changing a house deed? Outside of maybe a nominal lawyer fee for the paperwork?
        Thank you

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          #5
          Check with your state's Registrar of Deeds office to obtain the 'Quit Claim' forms. The Registrar will be able to tell you if your state charges a sales tax when a property changes hands. I'm guessing you are paying the current annual property tax. Are parents paying the annual tax from your payments to them? If you feel your parents can fill out the forms with your help, there is no need to hire a lawyer. Lawyers can be quite expensive. When you call to make an appointment I suggest you ask the average fee for competing and executing a Quit Claim. I'd also ask if the lawyer completes the document or the clerk.

          Another option could be to hire a Paralegal to check the completed documents .

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            #6
            Complete an Affidavit of Surviving Spouse or Domestic Partner if you are listed on the deed with rights of survivorship. The affidavit is a one-page document requiring you to certify the death of the owner, date it occurred, and specific property information, including the lot number and assessors identification number.

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              #7
              Originally posted by Keith03 View Post
              In order to buy a house, my parents cosigned my mortgage. We are 50/50 on the deed. Once I pay off the mortgage in full (likely 2 more years). Is there a way, with their help, to remove their names from the deed? If so, is it an expensive process?
              Thanks.

              To ensure a legal change to the property title, you’ll want the services of a real estate attorney.Real estate attorney will prepare and file the real estate transfer deed. So, you better be prepared to provide basic information about both the property in question and the individuals who need to be listed on the title.

              If you can't hire a lawyer, you just have to obtain a certified copy of the existing deed from the county clerk or recorder's office and review the following information contained therein: names of owners, legal description, address, and tax assessment number. Then, fill-in-the-blanks deed forms are usually available from online sources, a local office supply store or the county clerk's office.

              In the document, the person transferring interest in the property is the grantor; the person receiving the interest is the grantee. Prepare the form by filling in the appropriate information, but don't sign it yet.

              Lastly, go to the county recorder's office with the unsigned document and the identification documents of the parties involved in the change or transfer.

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                #8
                There are gift tax considerations in this sort of transaction that should be clearly understood. There are also step-up basis considerations as well - which may mean that the OP is better off financially inheriting the house when the parents pass.

                If you don't understand what I just wrote, I highly recommend that you get in touch with an attorney to explain these consequences clearly, as well as estimating the financial estimates of these actions.

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