Quit Claim or how else do i transfer property title to my dad?

Question

- house is in California
- I co-signed title paper with dad (for loan purpose, but actually don't own any part of the property)
- want to transfer title back to him.
- should i file a quit claim? or there is a better way?
- how do i get a copy of the orginal title paper? (required to file claim)
- Do i have any tax responsibilities?

Answer 1

If your name is still on the loan your dad will have to refinance. He may be able to contact the mortgage holder and explain the situation to them. I did this and for a few fees (which totaled over $800) I was able to just transfer the loan to my name only.

A quit claim will remove your name from the title, but does not remove any financial responsibility resulting from the home loan. If taxes and insurance are escrowed with the mortgage you will also be responsible for those.

Answer 2

By you co-signing on the loan your name will remain on the loan unless you father can refinance the loan into his name alone. The reason most people get co-signers is because they have bad credit.

Tell your father that he should make 12 months of mortgage payments without fail. This done he will be able to refinance the house in his name and his name only. It would be cheaper to do it also since he would have paid interest only during the first year of the loan.

Now about you taking your name of the deed, yes there is a better way of doing it, you may still quit claim the deed to your father as most do and this really is legal and nothing really wrong with this method. I would go through and use a title company to quit claim the deed. This will cost approximately $125.00-$250.00 but it is well worth it in the end. You just need to find a local title company in the telephone book they will handle the entire transaction from beginning to end.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

If you're on the loan, you need to do a deed-transfer refinance to get the property under your father's sole ownership. It works the same as any refinance with a couple more papers to sign. It's a fairly simple procedure. E-mail me at [e-mail]. I'm based in Santa Monica and can probably close you up in 2-3 weeks.

Taxes
If you don't make any money off the transaction, you won't be taxed for capital gains, but you also won't be able to write off the interest on the loan when April 15 comes around