Best way of transferring property???

**Iamnoob** · 08-17-2009, 04:54 PM

Hi there. I need to have a property transferred to my name from another family member's name. He currently owes about $8000 on the home. We want to transfer title to my name. I spoke to a broker and he suggested that all we needed to do is execute a grant deed with the transaction as a gift. I asked him if there would be any taxes involved and he said there were no taxes on gift transactions. However, i see conflicting information online and I'm not really sure what to do at this point. Are there taxes for gift transactions? Would it be better if we put it as a sale instead? Are there any better ways to complete this transaction? There's plenty of information online but it just seems a bit complicated.. would be grateful if someone could explain it all to me in layman's terms.

P.S. Property is in California if that makes a difference

**Luxury Homes Tampa** · 08-19-2009, 03:24 AM

I think you need to get an attorney only he can suggest the best way but what I know is you don't have to pay any kind of taxes for transferring property from one family members name to yours.

**tucsonhomes** · 08-22-2009, 05:25 PM

You need experienced help. Clear title is an issue, there is a potential tax issue (gift or not) and the type of ownership you receive can be effected by the deed you use.

Contact a pro.

**Chrisopher Moltisanti** · 08-25-2009, 03:34 PM

Tuscon, you sound like an expert. I was curious to your answers, (as I always am), that always seem right on the money. Brief, but on the money nonetheless.

What about this family member Quit Claim'ing it over to him? Yeah, ok, there might be a title issue, but maybe this person should have a title search completed before they quit claim it over to him. Right? Even if there were a problem with the title (liens or otherwise), so what. This person seems like all he wants is his name on the deed. Right?

But then, having it transferred like a gift would save him transfer taxes if there are any in his state....Right? Unless the tranferer must pay the transfer taxes. No? I don't know. Not an expert...yet. One day.

-CM

**tucsonhomes** · 08-25-2009, 03:57 PM

Sloppy practice will turn out without problems - until there's a problem.

The thing about problems is that they are crazy expensive to deal with - much more expensive than doing the deal correctly in the first place.

**Chrisopher Moltisanti** · 08-26-2009, 04:40 AM

Right on the money again. I still think if this family member though just wanted to transfer it over to him, just sign over the deed quit claim style and that would be the end. He should speak with a closing attorney. But still....

**tucsonhomes** · 08-26-2009, 01:44 PM

Why, if there is never enough time or money to do the job "right" in the first place, is there always enough to do the job over when the original job fails?

**Chrisopher Moltisanti** · 08-26-2009, 03:31 PM

Right on the money again man. There always seems to be extra money laying around when the job goes south.

**myriah66** · 09-07-2009, 09:41 AM

I Have a question reagrding transferring property to a LLC.
The property is in my name and I would like to transfer the property to my husband's LLC. There is a mortgage on the home..by the way this is in North Carolina. How would I go about doing that?