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What's the catch?
Additional Details
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Diana | Can anyone advise how my parents can transfer ownership of their home to me, legally? |
My wife and I have lived in a large house with my parents for 27 years. My parents now want to pass ownership to my wife and I. There are no monies owed on the house. |
 |
 
RealEstateGuy
 |
I don't know where you live and whether or not there are siblings involved but to avoid future problems I recommend an Estate Planning Trust.
Your parents can create a trust and then through the trust assign their beneficial interest to you and your wife. By doing so you will avoid any problems upon their death and the potential hassles of probate. If your parents are very old or of poor health simply transfering the deed may or may not help you avoid probate. I don't remeber how long it is (I've heard 3 years to 5 years) but if you transfer the deed and then they would pass away during this time the state looks at the transfer as a maneuver to avoid probate and they can disallow the transfer.
Also, If your parents sign the deed over to you and then pass away, if you have any siblings they could challenge the transfer and it could get ugly. On the flip side, with a trust they could actually divide the house amongst all the siblings but spell out whom would have control and be allowed to live in it. For instance if you have a brother and a sister all 3 of you could own a third of the home but you and your wife could be allowed to live in it and control it until death or a sale.
Another advantage of a trust is liability prevention and asset protection. If you or your wife are in a line of work that may put you at a higher risk of law suits your home would be somewhat sheltered from a greedy lawyer in the event of a lawsuit.
Talk to a local attorney that specializes in trusts, elder law, or real estate. This matter is too important not to. |
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villager
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Get a gift deed made and registered in your names. A lawyer can do this for you for a fee |
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skiingstowe
|
Hi,
They can gift you the house. Talk to an Estate Attorney about this process. |
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chrisjc1970
|
a visit to a solicitor for a change of name on the deeds is simple, where its gets complicated is if house is worth over 250,000 and then (not being morbid) but when your parents pass away, this will all have an effect on inheritance tax, the solicitor will explain it all at the time of name change on deeds |
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OriginalBubble
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If you are in the UK then you dont get deeds for houses anymore. You just need to transfer the ownership at the Land Registry. You need a form called a TR1. You also need to fill out a Stamp Duty form, as no money will change hands then you will not need to pay any stamp duty, but you cannot register the house without a SDLT5 certificate stating that no stamp duty is payable.
If your parents are still to live in the house, you may wish to have some paperwork drawn up so that they still have rights over the house. |
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Scobill
 |
You just need to consult a solicitor who will draw up the legal papers which transfer ownership to you and your wife.
The documents will also include a protection clause for your parents , and this is normal .
If however both of your parents die within seven years of change of ownership , the likelihood is that you will have to pay death duties |
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Paul S
|
well a solicitor can draw up all the paper work to have it done for a fee of course. it just means the names on the deeds will change.
in the eyes of the tax man it will just be gift, but if your parents die within 7 years, then tax will be payable under inheritance tax laws, with the tax due reducing from death in the year of gift being higher than death in 6 years after gift, if you see what i mean.
now after the transfer, under normal circumtances ie you lived elsewhere but allowed to let your parents live in the house, a rent element would have to be charged, or you would be taxed on an amount assessed to the value of the rent that the property could be let out at.
but seeing as you live there with your parents. this doesnt matter.
hope this helps |
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stormydays
|
Draw up a sale document for the property and include a token price say of £1
Both parents must sign and a witness or two to their signatures would be a good idea
Send the agreement off (and deeds if available)to the land registry so the title deeds can be updated |
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Insensitively Honest
|
They can do like we are going to do , when my son turns 18 I am going to sign the deed over to him for 1 dollar with love and affection .....your state may or may not allow this type of transaction ...I just done this with a home and land , and another acre of land when I bought them last month.. I gave the sellers cash money , but it was signed on the deed as 1 dollar with love and affection ...this avoids the BS of doing such a transaction ......Talk to a real estate lawyer and see what you can do , he may even give you a small break on the closing , I got mine done for $100.00 on each purchase...doing this while they are living should get you around the inheritance tax check with a real estate lawyer to be sure , go to the lawyer first , so the city or county has no knowledge of this pending transfer , because you know they will tell you a way that benefits them , and not you ... |
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Bob D
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You need to go talk to a real estate lawyer to see about the local laws. |
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