Q: would like to add girlfriend/Fiancé of 10 yrs on my house deed. If I do a quit claim deed, is there IRS or loan issues
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- Tennessee
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A: If there is a Deed of Trust on the Property, then there is probably a due on sale clause if the lender does not give permission. Usually they never find out unless there is a Foreclosure anyway though. The Deed to her should be thoroughly considered and expertly drafted. If the Property is not worth several million dollars, then there are usually no gift tax problems. The consideration clause should be carefully calculated, and it is best to use the IRS Valuation Tables if this is a LE/REM Deed.
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