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Transferring Ownership |
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Is it true that transferring owenrship of a fully paid house from one family member to the other could cost approx. 15,000.00? |
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I can't imagine the legal work costing anywhere near that much unless the parties want a title search and there's title insurance involved. The actual paperwork transferring ownership is simple and shouldn't be expensive. Perhaps, if the property is very valuable and the donor has already made other substantial gifts, a gift tax could be due. Or if on the other hand, this is a sale, with purchase money changing hands, transfer taxes would be involved. Or that particular municipality might require inspections, repairs, environmental updates, or who knows what when there's a transfer of title. All in all, there's no way to answer your question without knowing more about the transaction. |
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Edith Originally published on May 20, 2008 |
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