BobKamman
Level 15
05-20-2024
04:25 PM
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The term is "quitclaim" deed. Not any quicker to prepare than any other kind of deed. Since it was a gift, her son gets her cost basis, rather than value at date of death. If her cost basis was less than the $136K mortgage, that would be his cost basis (I think, I don't deal much with hillbilly probate).
Did he quickly race to the appropriate government office to record the deed? What fools these mortals be.