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?

 

Quitclaim is your best bet, not sure if there are any taxes involved.

 

You really think she would try and claim your condo? That would be quite the bitch move.

 

see post #3

http://www.mortgagefit.com/discuss/q...lications.html

 

Im thinking Quitclaim
you would have to go to a notary though

Here in the states a bitch is born every min.



Edit: you to get started today!

 

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.

 

We don't think she would, because she likes Vicki and they are on good terms. But you never know when a divorce is going to turn nasty, and she literally is bipolar and sometimes does some really crazy ish, so we just don't want to take the chance.

I don't know about the Tenancy thing. Where would we look to find that info?

Don't have a CPA, have always used turbotax for taxes and haven't needed one. The value of half the property is about $75k. I've seen that there's a $12,000 yearly limit on gifts, but also some sort of $1 million lifetime limit? I think we are going to have Vicki's dad talk to his divorce lawyer, and see if she knows about this stuff or knows a real estate lawyer.

 

Tennancy will be on the deed or the original sales contract, which I assume must be filed away somewhere. Otherwise, if you give me her name and the property address, I can have my title lady look it up for you this afternoon.

:edit: Just called my tax guy and he said that if your gf's been paying the mortgage and if dad hasn't been claiming the interest in his taxes, you're good to go. No need to file as a gift.

 

You got PM.