Posted on: 23rd Oct, 2009 09:43 am
In 1991 by mother passed away and willed two homes to me. The deeds were never transferred and in 1995 I left Pennsylvania.
Fastforward to 2009. I know of two people that want the homes and I am willing to give the homes to them. Yesterday I received paperwork from them drawn up by a realtor friend of theirs to notorize. One of the stipulations about giving them the homes was that I would not be responsible for any past, present or future expenses - they would have to shoulder that - I didn't see any mention of this verbal agreement in the paperwork. I don't want this to come back and bite me. Thank you for your time.
Here is my question. Can I legally place this language as a rider or stipulation and attach it to their paperwork and have it notorized.
Grantee is responsible for any and all costs or monies due from any source past, present or future on the property _________________(#1 Street or #2 Street) addresses will be added to be paid by the Grantee (names to be added) this is including but not limited to any and all past, present, or future utility costs, paperwork, closing costs, title work, transfer of deed, attorney fees, realtor fees, taxes, liens, judgments, and any and all other encumbrances past, present or future due on this property.
Also have a question about gifting - are there any tax benefits.
Fastforward to 2009. I know of two people that want the homes and I am willing to give the homes to them. Yesterday I received paperwork from them drawn up by a realtor friend of theirs to notorize. One of the stipulations about giving them the homes was that I would not be responsible for any past, present or future expenses - they would have to shoulder that - I didn't see any mention of this verbal agreement in the paperwork. I don't want this to come back and bite me. Thank you for your time.
Here is my question. Can I legally place this language as a rider or stipulation and attach it to their paperwork and have it notorized.
Grantee is responsible for any and all costs or monies due from any source past, present or future on the property _________________(#1 Street or #2 Street) addresses will be added to be paid by the Grantee (names to be added) this is including but not limited to any and all past, present, or future utility costs, paperwork, closing costs, title work, transfer of deed, attorney fees, realtor fees, taxes, liens, judgments, and any and all other encumbrances past, present or future due on this property.
Also have a question about gifting - are there any tax benefits.
Hi fkbsar,
If the property is still in your mother's name, then you won't be able to sell it off to the buyers. You will have to first transfer the property in your name. In order to do that you'll have to probate the will. As far as including the clause in the deed is concerned, you'll have to consult a real estate attorney. He would be the right person to check out the language of the clause and give you an opinion regarding it.
If you gift the property, then you will be responsible for the gift taxes. However, there are certain exemptions regarding gift taxes. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks
If the property is still in your mother's name, then you won't be able to sell it off to the buyers. You will have to first transfer the property in your name. In order to do that you'll have to probate the will. As far as including the clause in the deed is concerned, you'll have to consult a real estate attorney. He would be the right person to check out the language of the clause and give you an opinion regarding it.
If you gift the property, then you will be responsible for the gift taxes. However, there are certain exemptions regarding gift taxes. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks