Have Tax Questions? Ask a Tax Expert for Answers ASAP
Your parents will use a quit-claim deed to transfer ownership to you. Please be advised that they will need to file a gift tax return, and that they can split the gift between them, so that each gifts you 475K interest in the home. They will not pay gift tax until they each gift more than 1 million lifetime of taxable gifts.
Also please note that you will not receive a "stepped-up" basis in the home that you would if you were to inherit the home from your parents. You will assume your parent's basis in the home, which means higher capital gain tax for you when you sell.