Posted on: 13th May, 2010 01:20 pm
Please help me untangle this in my head. I am trying to grasp all this advice but I am a fairly unskilled individual in these matters.
This home and sellor/buyers all reside in their Texas homestead together as a family unit and have done so for the last 14 years.
A widowed Dad wants to sell his home now listed in his revocable trust to his only daughter and her husband. They wanted to do it honestly and fairly as far as IRS and Taxes go. So they are keeping the sale value very close to the county taxed assessed value.
The Father then spoke with his tax accountant who is not a real estate expert of course, but tax wise she advised him the lowest impact way of getting the home to his daughter without the risks of quitdeed, would be to sell her the home by himself with a proper warranty deed at the total price of 52000.00 for 2 years making that payments of 26000.00 a year broken into monthly installment payments that the father can "forgive?" the 26000.00 at income tax time time since he is selling to 2 people.
Does this sound right? I get a bit confused here as the tax advice was somewhat confusing to me. I know the tax accountant is only trying to help.
Also the tax accountant said The buyers Daughter and Son in Law would need to pay interest? finance charges? to the Dad but could be done at a fixed rock bottom rate of 1-2 percent.
Do the daughter and husband just include this into the monthly payments to the Dad?
The father also wants the warranty deed to have a clause that should he pass away before the home payments are finished being made then they should be completely forgiven.
I have looked at the generic deeds on the web but we can;t find any with the forgive in death clause on them.
Who do they go to to have this paperwork created for them.
Is there one of those $500 title searches to be paid for since the family knows there are no liens on the property is the title search fee avoidable?
My scrambled brain cells thanks anyone of you that can understand what they need and what they are trying to do.
And advise me better on how to help them.
This home and sellor/buyers all reside in their Texas homestead together as a family unit and have done so for the last 14 years.
A widowed Dad wants to sell his home now listed in his revocable trust to his only daughter and her husband. They wanted to do it honestly and fairly as far as IRS and Taxes go. So they are keeping the sale value very close to the county taxed assessed value.
The Father then spoke with his tax accountant who is not a real estate expert of course, but tax wise she advised him the lowest impact way of getting the home to his daughter without the risks of quitdeed, would be to sell her the home by himself with a proper warranty deed at the total price of 52000.00 for 2 years making that payments of 26000.00 a year broken into monthly installment payments that the father can "forgive?" the 26000.00 at income tax time time since he is selling to 2 people.
Does this sound right? I get a bit confused here as the tax advice was somewhat confusing to me. I know the tax accountant is only trying to help.
Also the tax accountant said The buyers Daughter and Son in Law would need to pay interest? finance charges? to the Dad but could be done at a fixed rock bottom rate of 1-2 percent.
Do the daughter and husband just include this into the monthly payments to the Dad?
The father also wants the warranty deed to have a clause that should he pass away before the home payments are finished being made then they should be completely forgiven.
I have looked at the generic deeds on the web but we can;t find any with the forgive in death clause on them.
Who do they go to to have this paperwork created for them.
Is there one of those $500 title searches to be paid for since the family knows there are no liens on the property is the title search fee avoidable?
My scrambled brain cells thanks anyone of you that can understand what they need and what they are trying to do.
And advise me better on how to help them.
no advice yet? :(
Hi txbuyer!
Welcome to forums!
If there is no mortgage or lien on the property, then the father can use a warranty deed in order to transfer the property to his daughter and son-in-law. He should contact a real estate attorney who will help him in drafting the deed. As far as the death clause is concerned, the attorney will be the best to help him in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there is no mortgage or lien on the property, then the father can use a warranty deed in order to transfer the property to his daughter and son-in-law. He should contact a real estate attorney who will help him in drafting the deed. As far as the death clause is concerned, the attorney will be the best to help him in this matter.
Feel free to ask if you've further queries.
Sussane
warranty deed done with a diviorce. married again for ninteen years.
what are my rights.
what are my rights.
Hi laura,
If you've signed a warranty deed and transferred your share of the property to your ex-spouse, then you won't have any rights toward the property.
Thanks
If you've signed a warranty deed and transferred your share of the property to your ex-spouse, then you won't have any rights toward the property.
Thanks
I am selling a house that I owned and lived in for the last 4 yrs. The buyer seen the papers from the title co. that I got when I purchased it. She said no need for title co. if I could draw up ness. papers. This is a cash deal and she said she would file the papers at the courthouse. Can you tell me what I can do legally in TX?
Hi kathy!
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/about45855.html
Take a look at it. Hope it helps you.
Sussane
Welcome to forums!
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/about45855.html
Take a look at it. Hope it helps you.
Sussane
My husband bought a house in 1958 with a warranty deed. I have lost the deed. Can I get it from the courthouse?
Hi jorose,
You can contact the county recorder's office in order to get the duplicate copy of the deed.
Thanks
You can contact the county recorder's office in order to get the duplicate copy of the deed.
Thanks
When my husband and I married we purchased a home together. I had a few hickies on my CR so to keep the interest rate lower we had the mortgage put in his name. We are now refinancing and I have a stellar CR and would like to have my name added to the mortgage/deed. How do I go about having that done?
hi becky!
welcome to forums!
you can ask your husband to sign a quitclaim deed and add your name to the property. after that both of you can jointly refinance the mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can ask your husband to sign a quitclaim deed and add your name to the property. after that both of you can jointly refinance the mortgage.
feel free to ask if you've further queries.
sussane
A widow was informed that taxes were owed on a property in her deceased husbands name. She paid them. She then decided to sell the property. She took the death certificate and will to the tax office and had the land put in her name. She was then informed that a deed had never been filed by the seller who had died years ago. Can she get a deed based on the tax records?
Welcome Guest,
This is something which will be better answered by a real estate attorney. The widow should immediately contact a real estate attorney and check out what she can do in order to get the property transferred in her name.
This is something which will be better answered by a real estate attorney. The widow should immediately contact a real estate attorney and check out what she can do in order to get the property transferred in her name.