The property would potentially be a taxable gift. Your father would have to file Form 709 and may owe gift tax. In at least some counties, a real estate excise tax would be owed. It seems that Snohomish County is one of those counties, Also, the property value could be reassessed, potentially increasing the property taxes. Furthermore, quit claiming the property could accelerate the mortgage, making it immediately due in full unless the mortage holder has approved the transfer of ownership....