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    mcadena28's Avatar
    mcadena28 Posts: 1, Reputation: 1
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    #1

    Jan 3, 2009, 11:37 AM
    Property ownership change
    My parents are giving me their home all I have to do is pay taxes ,what do I need to do to change the name on the deed to mine? Do I have fill out a warranty deed?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #2

    Jan 3, 2009, 12:09 PM
    Your parents have to prepare and sign a deed transferring the property to you. Their signatures need to be properly witnessed and notarized and then the deed has to be recorded.

    I suggest that you have this done by a real estate attorney or title company. It shouldn't be expensive and that way you can be sure that it was done properly. It would also be a very good idea to purchase a title insurance policy to make sure that no one has placed any liens against the property.

    Please note that if there is a mortgage on the property then you will be taking the property subject to the loan and the lender will have the right to call the loan immediately due and payable. Also, there will probably be tax consequences as well, since this is a gift.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Jan 3, 2009, 03:22 PM

    As Lisa points out its not as simple as just signing over the property to you. There may be liens on the property that have to be dealt with. Since it would be considered a gift your parent may have to pay gift taxes.

    So it's a good idea to go through an attorney who can make sure everything is done right.
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