We live in Los Angeles. My cousin want to quickclaim half his home to me for free. Can he do this without both having to pay taxes on this property? Will the property be reaccess? The mortage will be free and clear next year. Thanks.
2006-11-16 06:15:59 · 3 answers · asked by Mark H 2 in Business & Finance ➔ Renting & Real Estate
Real estate taxes are reassessed when a transaction for consideratio occurs. In this case, is money changing hands? If no, then the transfer is "without consideration" and taxes remain the same.
2006-11-16 06:19:06 · answer #1 · answered by boston857 5 · 0⤊ 0⤋
A quit claim is used for him to give up his ownership interests. If you both own it together right now, then the quit claim will leave it solely in your name. If you are not on the title right now, what you're trying to do is avoid a sale. Not gonna happen.
2006-11-16 15:44:37 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
do you mean reassessed?
2006-11-16 14:23:57 · answer #3 · answered by Funchy 6 · 0⤊ 0⤋