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Family Transfer |
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My mother is going to transfer the deed to her house to my name. I was told to check into quitclaim deeds to handle the situation. Would it be necessary to have a real estate lawyer, or do we just need to get it noterized and filed with the county clerks office? |
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The deed has to be filled out in a fashion that's acceptable to your county's recorder of deeds. That would include a proper legal description of the property (which I suppose you could get from looking at your mother's old deed.) It's best to have a lawyer or title company look after the transaction for you, and you can always ask in advance what the service might cost. But it's also wise to have a consultation with a lawyer anyhow, preferably one who specializes in elder law or estate planning. There can be unexpected complications -- for example, if your mother's house has gone up a great deal in value, you should understand that you take over her cost basis along with the gift. If she later wants to sell, you couldn't use the homesellers exclusion from capital gains taxes, because the place wasn't yours. YOu'd owe tax based on her cost basis. If you waited to inherit the place, youd get a new stepped-up basis, value as of her death. There are other considerations as well. I'm not saying it's a bad idea, only that it should be discussed with someone who knows your whole situation and your mothers'. |
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Edith Originally published on July 19, 2007 |
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