Our house is in my dad's name and we want to Quitclaim it to me and my husband. Will that remove my dad from liability on mortgage payments? Do we pay taxes at the time of filing? How much is filing? Thanks.
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. Finally, the transfer could cause the local tax assessor to revalue the property, with the result being that property taxes goes up.
The filing fee for a Quit Claim Deed in Snohomish County should be $62 for the first page and $1 for each additional page (see the link below).See question