Is it really expensive to transfer a house from one family member to another?
My mother wants to house to be in my name and my brother's and he's telling me it could cost more than $15,000.00.
- Big daddyLv 51 decade agoBest Answer
I would like to know what you mom means by transfer. Each state is different as far as their laws going pertaining to situations like this. You really have a couple of options, one, your mom can will the property to you and your brother, or a quit claim deed can be completed transfering the property from her to her, you and your brother. I don't know if it would be a great idea to take her off the deed completely as she may need to refinance at some point, depending on how old she is. A deed would not be that expensive, but take this advise, have an attorney complete the deed. In some states, you can go online and have the deed completed yourself, and I've seen too many instances of this not being completed correctly and it can cause MAJOR complications. The attorney can charge anywhere between 150 and 300, and then the deed will have to be recorded, again depending on the state, this can cost 50 or 150, but I would seek an attorney so that the best course of action can be plottedSource(s): title examiner
- John MLv 71 decade ago
A quit claim deed would transfer the ownership, but not the obligations that may be in place due to mortgages or liens. If your mom owns the house free and clear, then a quit claim deed is an effective way to transfer. One challenge will be the real estate transfer tax. You'll need to establish a value for the transfer. Some states may have a provision for family member transfers. Check in with your local register of deeds or a title company to learn more.
- 1 decade ago
Be careful on how you handle this. The fees won't be that much, but if the house is paid for or there is little or no mortagage, then the IRS could count the value of the home as income and you could be charged taxes. If she is elderly, you may want to consider a trust. this would allow the house to go to the trust. You and your brother would then take possession upon her death. In this case, you would only be subject to any capital gains taxes that exceed the IRS non-taxable event. Discuss with a real estate attorney. the 200-300 dollars spent my save you a lot of money in the long run.
- Big Deal MakerLv 71 decade ago
To transfer title would cost about $1000.00. or less. I would run the title of the home thru a title insurance company. Your mom god love her may not know of any liens on the home.
This way you get the home with a clean title. If you do not want to do that a quit claim filed at the recorders office would run about $400.00 total.
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- lorijotxLv 51 decade ago
She could sign a quick (quit?) claim deed. That is how it is done in divorces, no way it would be that much.