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property deed

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marylgarr Guest	Posted: Tue Dec 22, 2009 1:28 pm    Post subject: property deed Like 0 Dislike 0 I own a home in Ohio, no mortgage. I would like to transfer the deed into my 3 children's names. How do I go about doing this? And can I do this as a gift, rather than them paying me any money for the property? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Dec 22, 2009 8:01 pm    Post subject: Like 0 Dislike 0 Hi marylgarr! Welcome to forums! As the property is free and clear, you can use a warranty deed to transfer the property to your children. You can definitely transfer your property to them as gift but you would become liable for paying the gift taxes. You can contact a real estate attorney and he will help you in drafting a warranty deed or a gift deed and also help you in filling it out. As far as gift taxes are concerned, there are certain exceptions. You can check it out from the given page: http://www.mortgagefit.com/gift.html#111114 Feel free to ask if you've further queries. Sussane

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