Family to family home transfer?

Discussion in 'BD Business Hookup's' started by Jason, May 1, 2010.

  1. Jason

    Jason I break stuff @ BD Admin

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    I'm buying a house from my grandmothers trust.
    I know a real estate agent is not needed.
    Heard there are loopholes to get around taxes.
    Who do I use to do this transfer?
     
  2. CaptainLeo

    CaptainLeo Advertiser Advertiser

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    Put it in my name.
     
  3. Ready4TheYellow

    Ready4TheYellow Island Fishing Tackle

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    Jason,

    Sharon is coming to the rescue one sec.
     
  4. raraush

    raraush Newbie

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    You can draw up the deed, get it notorized, and record it yourself at the county recorder office without the use of agents, escrow, title company etc. First talk to a CPA and/or attorney about the tax consequences, and proper deed to record.
     
  5. walkerman

    walkerman Well-Known "Member"

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    If there are beneficiaries to her trust other than you...have the house appraised and pay fair market value.
     
  6. Rubberhook2

    Rubberhook2 Local Bluefin

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    Talk to an escrow company to find out what is required to accomplish your objectives. Escrow typically prepares deeds and provides for the ownership transfer in a real estate transaction. Title companies search the public records to find liens and other recorded public records that may effect title and provide insurance to protect you against those things.
     
  7. Vigilant32

    Vigilant32 Member

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    You should be able to transfer it and keep the old tax basis.

    An interfamily exchange must be documented at the assesors office in order to prevent a new and larger tax bill.

    I would have 1st American Title handled it for you which will also guarantee you proper title when it is all said and done.

    Call me if you need any help..
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  8. Gil Marlin

    Gil Marlin World Peace? Visualize Using Your Turn Indicator

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    It depends on how Grandmas trust is set up and how many people are involved...
     
  9. middleofnowhere

    middleofnowhere Gopher Killer

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    This is what you shoud do!
     
  10. Afry

    Afry Capitán

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    You need a tax guy - period. The real estate part is easy and be done with only a recording fee. However it is in your best interest to buy a title insurance policy when you do it. PM me if you want more dope.
     
  11. HokeySon

    HokeySon Newbie

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    You need to talk to a tax lawyer and run the numbers (I am a lawyer but I do not give tax advice). You will get your g'ma's tax basis which is generally not a good thing because it is generally lower (that is what she paid for it as opposed to what you are paying for it), so when you sell it you will have more taxable gain (price minus basis equals taxable gain). On the other hand, you want to keep the assessor's appraised value to keep your taxes low (tax basis and appraised value are not the same thing).

    The good news is that there are ways to structure the transaction to avoid some of this. But you really need a tax lawyer to help you (look for someone with an LLM in taxation degree). good luck.
     

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