WE NEED TO GET MY NAME ON TITLE,50% INTEREST. BUT DON'T WANT TO ACCELERATE THE NOTE..(CHANGE OF OWNERSHIP).. I NEED TO BE ON TITLE FOR A YEAR TO MAKE IT A LONG TERM GAIN WITH THE IRS AND TO PROTECT MYSELF... THANKS
2006-09-06 11:35:32 · 2 answers · asked by RICHARD S 1 in Politics & Government ➔ Law & Ethics
In most states, the deed conveys ownership of the property.
What recording the deed does is protect the new owner against any later claims by other people who also claim the property, based on the specific recording statutes of the state.
2006-09-06 11:41:38 · answer #1 · answered by coragryph 7 · 0⤊ 0⤋
What you are proposing is a fraud on your mortgage company and may not be accepted by the IRS as a bona fide transfer. You may find that the Mortgage co. will permit the transfer if you ask them. Then you can do it in good cosnscience.
2006-09-06 11:54:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋