Legal Question in Real Estate Law in Virginia

If your husband is purchasing your share of the property by means

of what might be termed good and valuable consideration, i.e., something approaching fair market value, then you may or may not have a capital

gains tax liability which may have to be reported to the IRS (whether you convey

by Deed of Gift or not).

And, yes, it would seem that you would want a "mortgage re write" as part of this transaction in order to remove you from having continued liability for the mortgage loan on this property.