My question involves real estate located in the State of: Colorado
I have fallen a few months behind on my mortgage and to avoid bank fees, possible foreclosure and to help me get back on my feet my mother is offering to pay off my mortgage on the condition I sell the house within 6 months so she can recover her funds and so I can get my equity (about $150k) out of the property.
She obviously wants the house in her name once she does this and thinks we need to do an actual closing for the purchase, but is there a reason I could not just quit claim the deed to her? It seems a little unnecessary to have to pay closing costs for this and then in 6 months have to pay them again. Also, how would she be able to avoid being responsible for capital gains tax after the sale in 6 months since the equity is actually mine?
I have fallen a few months behind on my mortgage and to avoid bank fees, possible foreclosure and to help me get back on my feet my mother is offering to pay off my mortgage on the condition I sell the house within 6 months so she can recover her funds and so I can get my equity (about $150k) out of the property.
She obviously wants the house in her name once she does this and thinks we need to do an actual closing for the purchase, but is there a reason I could not just quit claim the deed to her? It seems a little unnecessary to have to pay closing costs for this and then in 6 months have to pay them again. Also, how would she be able to avoid being responsible for capital gains tax after the sale in 6 months since the equity is actually mine?
Purchase Contracts: Quit Claim or Warranty Deed
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