Legal Question in Real Estate Law in Colorado

I want to transfer title to a second home to my daughter. I have a mortgage of $151,000 on this home and the house is valued at approx $230,000. I am willing to keep the mortgage in my name or could also put my daughter's name on mortage if needed. What legal steps are necessary to accomplish this process? Would this impact estate issues/gift tax, etc?

thank you, Tom c.


Asked on 2/08/11, 10:27 am

1 Answer from Attorneys
Gary C. Johnson Attorney Gary C. Johnson

Tom, you will need to Quit Claim the home and obtain the mortgage company's consent to have your daughter's name on the mortgage. Bear in mind that you will remain personally responsible for the mortgage if your name remains on it even though you will no longer have any rights to the home in the absence of a written agreement with your daughter. While there will probably be no taxes due, you will still need to file a gift tax return. I recommend you consider an attorney to help you with this matter as it is not just a real estate matter but also an estate planning and tax issue.

DISCLAIMER This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship. http://www.garycjohnsonlaw.com 720-323-3776 [email protected]

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Answered on 2/08/11, 10:40 am


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