I would like to transfer ownership to someone else. How do I do this without paying any closing costs?

If you intend to transfer all of your ownership you have to prepare a deed from yourself, as seller, to the other person as buyer. If you want to add the person onto your deed but still retain a percentage of ownership then you have to prepare a deed from yourself, as seller, to yourself and the other person, as buyers. Then the deed needs to be recorded in the county clerk or county register's office.

Keep in mind that if there is a mortgage on the property then most likely it has a "due on sale" provision, which means that it must be paid in full when the property is transferred. Also, if there is a mortgage on the property then that mortgage will continue to be a lien on the property after the transfer until it is paid in full and released.

I suggest that you speak to a real estate attorney or title agency in the area where the property is located. Having them handle a simple transfer of ownership without a refinance should not be expensive.

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Originally Posted by honilou

I would like to transfer ownership to someone else. How do I do this without paying any closing costs?

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I'm not sure where you are located, but if you are in the states... call your county clerk and see what the process is... in Florida, one can draw up a quit claim deed or warranty deed with the amount for $10.00 and pay $18.50 to have it recorded out the courthouse. H

However, if there is a mortgage on the property... that is a different, and in that case, I would suggest reading your note/mortgage.

The county clerk is always a good place to start!

Hope it helps,

Matt