What to do if my mom and dad want to quick deed their house to me?

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What to do if my mom and dad want to quick deed their house to me?

It’s paid in full and I don’t think that there are any liens on it. My father once told me that there was a lien on it approximately 30 years ago. They seem to be pretty responsible people but have no retirement saved and no savings accounts. They live on social security alone and neither of them work. Im scared that I would be getting into a financial disaster if they decide to stop paying their taxes and other bills. Should I be worried and are there taxes that need to be paid when a quick deeded house is sold?

Asked on March 26, 2013 under Estate Planning, California

Answers:

Victor Waid / Law Office of Victor Waid

Answered 8 years ago | Contributor

There is no such thing as a quick deed; there is a quit claim deed; however they are used to basically to clear a title of any possible interest a person may have in the property. Have parents use a Grant deed instead, from themselves to you; they will need to prepare an assessors statement of trannsfer and send to recoder with the deed of the county, if they live in California.


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