Question, i would like to transfer the deed to both my parents. Currently the three of us own it.

Question

The three of us are on the deed and the mortgage, however i would like to give up complete ownership of the house...how should i go about that?

Answer 1

A quit claim deed from you will do. You can find templates lots of places. You may owe gift tax on the amount that you are gifting to the other two.

Answer 2

Get your parents to refinance it in their own name.

If you just sign it over to them, that doesn't take your name off the mortgage---at all.

You'll be legally obligated to pay for something you don't own.

PS:  A quit claim deed will take you off the title but WILL NOT take you off the loan.