Deeds Transfer and "Gifting" to your children.

[NixnJay]

My parents have a house in Florida that still has a mortgage on it, which they want to "gift" to both myself and my sister. It is both my and my sister's intention to extend our current mortgages here in the UK to pay off their US mortgage, as they can no longer afford to keep up the repayments. We have already taken steps to advertise the property for sale but appreciate that a transfer of deeds needs to take place as well as numerous documents needing to be notarised. My ? is this...do we need to have the deeds transfered b4 the sale, however long that may take, or can my parents just sell the property and then pay the monies into our accounts? Not looking to dodge any tax laws but hoping to not have to pay out anything we dont need to! (And because the very few are quick to make assumptions, we are not after our "inheritance" while they're still alive, but will be using any profits left to clear off debts that they have incurred!) Slight role reversal in the parent/children chain! Advice greatly appreciated, thanx.