Situation: Both mother and son are alive. Mother paid off mortgage 10+ years ago on a house that is currently used as a rental. Wants to transfer to son completely.
Question: What is the best way to go about this? Did some googling and it seems legalzoom offer a quitclaim deed option, has anybody used that and had any success? or does anybody have any recommendation for a real estate lawyer in the area that handles this type of stuff?
We personally chose to do land contract buying my parents house that they are financing. We completed deed and land contract mortgage templates provided to us by a local title agency/law firm and we paid the few hundred in doc stamps it cost to file at our local county offices. Local county offices may also clarify what they need from you and review your documents. We are dealing with small town/small county...not a lot of hoops to jump through and people reviewed our paperwork on off hours because they’re family.
You may be able to do the leg work and just have someone look it over for accuracy. Could probably also follow a template from a recently filed deed transfer available in public records along with your current deed information.
@Precious Thompson, From your experience how was the quitclaim deed done? Did you just go to a real estate lawyer in the area? Anybody you recommend?
@Alan Grobmeier,
I did read that if its an inheritance we can avoid some tax implications. But in this case the transfer wants to be done and it looks like the gift tax can be counted toward a large 11 million life time exemption limit. (very unlikely for the mother to reach) https://turbotax.intuit.com/ta...
@Bethany M., after looking up on land contract. https://www.nolo.com/legal-enc... In your case it looks like you did a seller's financing deal where you pay your parents recurring payment until you eventually own the house, correct? My referenced situation is actually that the mother just wants to transfer the house to son with minimal work, cost, and tax implication. But thanks for sharing, now I learned that land contract is a way they do this seller financing thing I keep hearing about in the podcast!