Quit Claim Deed
My husband and I bought a weekend home with my parents. Since they currently have no tax deductions, we allowed them to put the home in their name only. We paid half of the down payment, in the form of a gift. We also pay half of the monthly mortgage payment and half of the monthly bills. I am an only child and trust that this home will belog to my husband and myself 100% after they are gone. However, I don't want to end up paying tax on something that I have already paid half of. It is also important to my husband that our name be on the home now. Will a quit claim deed solve this issue? If so, where do I go for a quit claim deed?
A Quit Claim Deed (QCD) is used when one person/party is giving up their interest to the remaining parties. It is usually used when a husband and wife divorce and both names are on the deed. Usually the person moving out of the house will QCD the property to the other person.
You will have to have your names added to the deed so that all of your names are on it. Then if your parents want their names off the deed, then you can have your parents QCD the property to you and your husband. You can find some forms at a office supply store or get one from a RE attorney.
Tanya