Q: My son died without a will. I am the heir. Can I quit claim the house to his partner after it is quit claimed to me.
My son's last wish (no will) was that his partner own the home they lived in. Being the heir (his mother), with him having with no children or wife, the home will be quit claimed to me. I wish to quit claim it to his partner asap. Can I do this or will she have to be approved through the mortgage company, as she is not a wife or relative? Is there another way to do this without money changing hands, if not through a quit claim deed?
A: As with so many things, there are many issues to consider. Yes, once you are the owner you can quitclaim the property to anybody you want. You should talk to your CPA about whether this will trigger a gift tax for you. Most likely it will not, but that is an issue to pin down. And, yes, there is the matter of the existing mortgage. It probably has a due on sale clause and that clause probably is enforceable in this situation, so the partner/grantee will either need to apply to assume the loan or, more likely, refinance the loan with a new loan in her own name.
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