Property transfer

Hi gypsywayy,

Your father can sign a quit claim deed and transfer the property to you. You need to record the deed at the county recorder's office. If there is a mortgage on the property, then you will have to refinance it in your name. Thus, you would become the owner of the property as well as the loan.

Thanks.

Do I need an attorney or can I download the forms then take them to the county recorders office? Will my father have to pay any taxes?

Hi Guest,

You can download the forms yourself. Once you complete filling out the forms, you can contact an attorney who can go through the deed and let you know if there are any errors. If your father transfers the property as a gift to you, then he will have to pay gift taxes.

Thanks

Do I understand the gift tax correctly? If my dad gives me his house/land and it's worth more than 13,000 he can be exemt from gift taxes so long as he does not gift more than 1 million in his lifetime?

Hi Gypsyway,

If your father gifts you a house/land which is within the lifetime exemption limit if 1 million, then he won't be liable for paying gift taxes.

Thanks

Since the house/land is free from liens is a warranty deed or quit claim deed more apprpriate for me?

Hi Gypsyway!

Welcome to forums!

As the property is free and clear, you will be able to use a warranty deed in order to transfer the property from one person to another.

Feel free to ask if you've further queries.

Sussane