Dear Monty: We want to give our son a quitclaim deed to our house, which he rents from us. We still have a mortgage of $117,000 on the home. What is our obligation in this transition?
Monty’s Answer: There are several steps that must be taken before you can quitclaim your home to your son. Transferring title in any circumstance is a legal process. Appropriate completion will mean that you and your son will not incur the considerable inconvenience and added cost of a future transfer.
