My parents are retiring soon and they want to have their names removed from the house title, on which currently has all three of our names. There is also a mortgage on the house.
It appears that is some kind of taxes (property tax?) that my parents will have to pay when they remove their names from the title. So is there a difference between removing their ownership and transferring their ownership to me, both on the home title and the mortgage? Is there still taxe involved if they "grant" the ownership to me? I'm not sure how it works exactly and would love to get some insights before talking to the mortgage people. Are there more advantages if we hire a lawyer to handle all of these things for us?
Thanks so much!
Read more: Remove Titles from Home and Mortgage?
