Home Selling in Plymouth>Question Details

Ryandf, Home Seller in Plymouth, MA

Are there laws against selling a home back to someone who "gifted" you the home?

Asked by Ryandf, Plymouth, MA Fri Apr 9, 2010

Initial transaction in 2000, gifted the house in the form of a Realty Trust and I am a beneficiary. If I now want to sell the house back to the person who gifted it to me, are there any laws restricting me from doing that?

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Answers

8
The answer is there are no laws against selling your home to anyone you want, unless it is stated in the deed or loan documents.

As to who you should contact your accountant may be more appropriate to let you know the ramifications to both you and to the one who gifted it to you.
0 votes Thank Flag Link Mon Jan 13, 2014
I agree, you need to contact a REAL ESTATE ATTORNEY who specializes in Real Estate.

You also need to ask the RE Attorney about possble tax consequences.
0 votes Thank Flag Link Sat Apr 10, 2010
Only response here you should listen to is "CONSULT AN ATTORNEY" a Realtor is NOT an attorney, is not licensed or experienced to give you advise. If you would the name of a local real estate attorney, send me an email and I would be happy to give you that information.

Susan Costa
AMS Real Estate

amsrealestate@charter.net
0 votes Thank Flag Link Fri Apr 9, 2010
This is probably not a legal matter as much as it is a tax / accounting matter, although the Trust may have some conditions qualifying whether you can do this, in which case . . .
0 votes Thank Flag Link Fri Apr 9, 2010
First my disclaimer: I am a Realtor & an Attorney (30yrs), licensed only in OH for both. I never provide legal advice; my statements are only my personal opinions.
You are asking this question to Realtors who cannot help you. This is a question for an Attorney who is familiar with your Realty Trust and the concept of Realty Trusts in your State. That Attorney also needs to explain what tax consequenses such a transaction will create. In addition, he/she will need to address the powers of the Trustee, whether or not you are the Trustee.
0 votes Thank Flag Link Fri Apr 9, 2010
It will depend on the circumstances, and not knowing all the details you may wish to consult with an attorney who specializes in real estate--most professional do offer a free consultation.
0 votes Thank Flag Link Fri Apr 9, 2010
There may or may not be. You'll have to consult with an attorney to figure out the proper way to unravel what has been done. If it was put into a trust or gifted for the purposes of avoiding taxes or possession by someone then possibly there might be problems. Ask friends/family/colleagues or other trusted people in your life for the name of a real estate attorney they've used recently and been very happy with. You'll want to look into what tax issues for both you and the person you are looking to convey the property might be liable for. You should also look into any estate planning issues and if you're looking to take adavantage of the first time homebuyer tax credit you'll need to review if the transaction will qualify as "arms length".
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Fri Apr 9, 2010
I don't think there are but you really need to talk to an attorney--and maybe an accountant.

Ellen G. Friedman, Keller Williams Realty-617-448-1542 or ellengfriedman@comcast.net
0 votes Thank Flag Link Fri Apr 9, 2010
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