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    JOHN MCPEEK's Avatar
    JOHN MCPEEK Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 6, 2008, 03:54 AM
    Quitclaim mothers condo
    Hello I am trying to buy or quitclaim my mothers condo and remove her from the deed she owes approx. 50000 and the condo is worth approx 75000. I currently am paying all payments as she is having financial problems and would like to secure the property in my name to protect my investment. I would rent to her for whatever she can afford and would like to protect my investment if and when she requires medicaid or any other qualifying assistance. She is in complete agreement but we don't know how to do this. All help greatly appreciated. She is currently 57 yrs old and I have made 75% of all past payments including down payment and probably most of the future
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Feb 6, 2008, 04:21 AM
    Hello John:

    Buy it. Go to a title company, or a escrow company and they can do it for you.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 6, 2008, 09:53 AM
    You are better off formally purchasing it from your mom. If she quitclaims it to you, there may be gift tax consequences.
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