Liv, Home Owner in Philadelphia, PA

The house that my niece is living in is paid in full, however, it has her father's name on the deed. How to fix this?

Asked by Liv, Philadelphia, PA Wed Nov 16, 2011

He is not living there and has agreed to put it in her name. She is a single parent with 2 children and a fixed income with a son with special needs. There is help for her if the house is in her name. What do you suggest without a huge price tag?

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John Leonard, Agent, West Chester, PA
Fri Nov 18, 2011
Liv,

contact a title company or real estate attorney and draw up a a new deed and transfer agreement that for a nominal amount, typically a dollar, ownership shifts from from the father, to the daughter.

You are adivsed that either or both parties may have tax consequences arising from even a nominal transfer or real estate when they "settle", and to consult a professional in the tax field to address that possiblitlity.

There should not be transfer tax on a direct linneage tranfer between family members. Have the title company or law firm performing the work confirm that.

There is NO WAY to do this, without each party's signature on properly drawn documents, executed in the presence of a notary, and acknowledged (witnessed in writing by the notary). Deed can't be recorded without.

This need not be an expensive process, but i will not comment on rates somone else may ask. it is aslo possible to be overcharged for what should be a simple matter.

In my opinion, full title work should be done, to assure the neice is not taking on any "problems" that may be associated wtih the property. Its probalbly fine, but a good idea. In this case, deed preparation is normally going to be part of that title transfer charge from the title company.

Best

john Leonard
Long & Foster
Web Reference:  http://nicepahomes.com
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