House as a gift

Monkey
Other/Just Looking
Indiana

Moy mom recently bought a new home and wishes to give me her old house (it is completely paid for) Neither of us are sure on how to go about signing it over.

Answers (1)
Tonya L. Kozuch
Home Seller
Ashland, WI
FIRST ANSWER

Contact the title company that prepared title for your mom's property, this will save you some money on the search, since they will have most of the info on file already. Your mom can negotiate a fee with the title company (they probably have a set fee for this type of transaction) to prepare title, and a quick-claim deed. The gifting, in lue of an exchange of proceeds you should check with a qualified tax adviser, on the guidelines and benefits of gifting and or 1031 Exchange, and how these may apply to your situation. We also have new laws in effect for first time home buyers. Congrats & GOOD LUCK!

Thu Jul 31 2008, 16:45

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