Posted on: 26th Apr, 2011 08:29 pm
We are about to close escrow on a property. My wife and I made the offer for all cash and it was accepted by the seller. We wish to have the title only in our two children's name. Is there a simple way to do this at closing without first closing in our names and then going through the costly and involved process of transferring to them with tax implications?
Contact your escrow company and they can set you up for trust. I dont believe the minors can hold title to the property, as they cannot make contracts. Check with RE attorney or your title/escrow company.
Hi rmk,
I agree with CG! It won't be possible for you to add your minor kids to the property deed. You can place the property in the trust and declare your children as the beneficiary of the trust.
Thanks
I agree with CG! It won't be possible for you to add your minor kids to the property deed. You can place the property in the trust and declare your children as the beneficiary of the trust.
Thanks
