Posted on: 30th Aug, 2010 03:32 pm
My partner's Grandmother wants to give us one of her rental properties for a couple of reasons....
1. It just stresses her out. Her husband bought approx 3 properties as rentals and sold one prior to his passing. We just sold another one (actually closed on it today). She doesn't even want to bother with having rental properties and all the "stress" that comes with them.
2. We're going to be bringing a child into our family next spring and she wants to give us this property as an investment property so we can start saving more money. She knows it will help us financially as well especially when we're in the middle of renovating an old house by ourselves. She wants to make sure the house is ready for baby by next spring.
So I've been assigned with the task of getting all the information I can as to how she can go about doing this. She owns the property outright, completely mortgage free. There are already renters in it (and good ones at that). She wants to make it so we have to pay as little as possible in acquiring the house as well.
She's one of the sweetest ladies I've ever known and I am so grateful to have her as an in-law, but I know *nothing* about any of this! So, now, I'm passing my assignment on to you! LOL Any advice or instruction that I can pass on to Grandma? I'm not sure if it matters or not..with state real estate or tax laws...but we live in Utah.
Hope you all can help! Thanks in advance! :D
1. It just stresses her out. Her husband bought approx 3 properties as rentals and sold one prior to his passing. We just sold another one (actually closed on it today). She doesn't even want to bother with having rental properties and all the "stress" that comes with them.
2. We're going to be bringing a child into our family next spring and she wants to give us this property as an investment property so we can start saving more money. She knows it will help us financially as well especially when we're in the middle of renovating an old house by ourselves. She wants to make sure the house is ready for baby by next spring.
So I've been assigned with the task of getting all the information I can as to how she can go about doing this. She owns the property outright, completely mortgage free. There are already renters in it (and good ones at that). She wants to make it so we have to pay as little as possible in acquiring the house as well.
She's one of the sweetest ladies I've ever known and I am so grateful to have her as an in-law, but I know *nothing* about any of this! So, now, I'm passing my assignment on to you! LOL Any advice or instruction that I can pass on to Grandma? I'm not sure if it matters or not..with state real estate or tax laws...but we live in Utah.
Hope you all can help! Thanks in advance! :D
Hi ickandike!
Welcome to forums!
As the property is free and clear, your grandmother can use a warranty deed in order to transfer the property to you. Your grandmother should contact an attorney and he would help her in drafting the deed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the property is free and clear, your grandmother can use a warranty deed in order to transfer the property to you. Your grandmother should contact an attorney and he would help her in drafting the deed.
Feel free to ask if you've further queries.
Sussane
Thanks so much for the reply Sussane! I was reading about quit claim deeds and warranty deeds and it was all getting soo confusing! So...THANK YOU again for clearing it up! :D