[smokey0066]

I am wondering if there is a way for my parents to transfer their home to me. The reason we are trying to transfer the house to me is that they will be retiring soon and will most likely leave the country with only occasional visits back to the states. People we've talked to thus far have recommended against it or tell us its not possible without them selling me the house. These people would be our real estate agent and the loan officer we worked with.

I've done a little reading on the net and it sounds like it is possible with a deed transfer but it could be messy? Can the home be a "gift" or something. Basically what is the easiest way to accomplish a transfer of ownership?

Who would I talk to about this to get more information? And how do we handle the mortgage that is currently on the house? Would I have to take out a mortgage to pay off the remaining balance of the current mortgage or would I have to take out a mortgage for the full value of the home?

[Fr_Chuck]

First if they have a loan against the property, to completely take it out of their name into yours, their loan will have to be paid off.

So in fact they would have to sell it to you, you would get a loan , pay off their loan ( or assume their loan if they allow it) and transfer ownership.

If they did not have a loan on it, they could merely transfer deed to you, but you would owe gift taxes on the amount of the home

They can merely add you to their deed, it would have them and you as the owner of the home.

If they are going to leave the country then you plan to move in and use the home.

You can also get a powre of attorney from them, that gives you rights to do all legal busienss inregard to the house.

I assumed they have a loan against the house since you mentioned loan officer.