[Edensmimi]

My parents recently gave us a manufactured home and land. We need to transfer both of them into our names, they are not on the same deed. I found a quit claim deed online but was curious if this would work for us and is it the right way to go since we didn't pay a dime for either of them. Anyone know of other websited that offer free General Warranty Deeds. We live in Texas if that matters. Thanks and God Bless

[pacific nw]

You actually raise several issues. You can use a Quit Claim Deed or a Warranty Deed to transfer property. Usually, a Quit Claim Deed just states that the "seller" has no interest in the property. A Warranty Deed is used to "Warrant" that the property has clear Title and the "Seller" has the right to sell the property. Usually you can get a blank deed specific to your state at the local stationery store for $1 or $2. Then have it notarized and recorded at the county you live in. There may be a transfer tax. Check and see if they will do a "love and affection" amount for the purchase, (family member to family member), therefore no transfer tax.

You may want to get a Title Report just in case, so you know if anyone has placed a lien against the property. (Call an Escrow office for a referral.)

When you do an "Elimination" of Title, it means that the manufactured house and the land become one Title. Most lenders require that if they are to lend against the property. If the mobile was built prior to 1978, it will be almost impossible to get a loan on it. HUD required a different construction method from 1979 and on. At this time, even manufactured homes built in the 2000's are tough getting financing on because if the subprime melt down.

Also, you didn't state the value of the property, but if it is significant, there is an inheritance consideration. Your cost basis for capital gains starts from when you take ownership. If your folks will it to you, then the cost basis begins at that time. The federal tax difference can be significant. Talk to an accountant to see if this applies.