Originally Posted by
JGordon
So my fiancee (Vicki) bought our condo 6 years ago with the help of her dad (Victor). Victor's name is on both the deed and the mortgage, though his name wasn't supposed to be on the deed but got there through some sort of paperwork screw up. He's never paid anything toward this property, just basically cosigned the mortgage so that my fiancee could get a better deal.
Now Victor and his wife (Vicki's step-mother who is literally crazy) are getting a divorce, and we want to get Victor's name off of the deed so that stepmom can't try to lay any claim to our condo. I've been googling for ideas and found the whole "quitclaim deed" thing, but not sure if we'd incur some sort of gift taxes or something by executing one.
Any ideas or knowledge about this type of thing?
Did they take title as Joint Tennants or Tennants in Common? If it's joint tennancy, crazy wife has no claim or recourse.
That aside, if you want him off the deed and he's happy to do it, quitclaim is pretty much the standard way to do that in CO. Call up your CPA and ask about tax ramifications, but I don't think there are any.