transfer ownership of a property to family member?
I own a property nys and clear of a morgage and whould like too transfer owner ship too a family member how whould i goo about this
- MurzyLv 71 decade agoFavorite Answer
consult a real estate atty who will be able to advise you on the way to get around the gift tax. changing the ownership is easy and deeding it to them is also easy but the tax consequence can be complicated
- annazzz1966Lv 61 decade ago
If you owe no money on the property other than the normal reoccuring taxes, you can execute a grand deed to the family member and then have it recorded with the county. Remember, if there are any other liens on the property, your grant deed is void.
- 1 decade ago
Check with both a real estate attorney and a tax planner. The transfer itself is easy. However, there are all sorts of tax implications, both for you and for the family member. There are "right" ways to do it that will minimize the tax implications, and there are "wrong" ways to do it that will result in huge amounts of unnnecessary taxes.
So: Tax planner first. Then real estate attorney.
Hope that helps.
- charleneLv 44 years ago
hi, with the help of what ability, merchandising, giving up rights to it? you will choose the two a settlement for merchandising & a stop declare deed to flow with none repayment. The stop declare could must be signed, witnessed & notarized, then recorded interior the county the place the valuables exists.