Best and cheapest way to Gift property to adult child

fmu61 · Joined: 04 Mar 2008 Posts: 1 1.29 Dollars($)

I own 5 acres free and clear and I want to transfer title to my adult child. What is the least expensive best way to do this?

adonis · Posted: Tue Mar 04, 2008 9:43 pm Post subject:

Welcome Fmu,

You may use a grant deed/quitclaim deed and transfer the property to the child. That's the best way. Since the property is being transferred as a gift (as it is a simple transfer by executing a deed), therefore there can be gift tax implications for you.

Check out the gift tax exemption limit from http://www.mortgagefit.com/gift.html#exemption .

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Fmu,

Welcome to the forum.

I agree with Adonis that the best way through which you can transfer the property is use a quitclaim deed. If the property is free from lien then you can even use a Grant deed.

Is it a mortgaged property? If so then you need to inform the lender before signing the quitclaim deed.

Best of luck,
Larry

Guest 0.10 Dollars($)

Larry, since the poster has said the property is "free and clear", therefore it is not a mortgaged property.

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