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seamunkey
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 Posted: Wed Nov 04, 2009 6:06 pm Post subject: house |
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| I dont have a I.d. now time has come to sell my house,and im not able to do so.Can I gift the property to my mother,so she can sell it? If so how do I go about doing this? |
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 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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abumbuddy
Joined: 04 Nov 2009
Posts: 3
1.43 Dollars($)
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| Posted: Wed Nov 04, 2009 6:34 pm Post subject: id |
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| no identification |
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abumbuddy
Joined: 04 Nov 2009
Posts: 3
1.43 Dollars($)
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| Posted: Wed Nov 04, 2009 6:40 pm Post subject: ideas |
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| any ideas? |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Wed Nov 04, 2009 6:43 pm Post subject: |
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Nobody can buy a house in the United States without proper identification - so how could it mean that?
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Raymond
www.ReverseMortgageCalculator.org |
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seamunkey
Guest
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| Posted: Wed Nov 04, 2009 9:10 pm Post subject: house |
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| I bought a house in 2008 with no I.D. whatsoever.I just now found out i cant sell it without id.how do I give the house to my mom |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Thu Nov 05, 2009 7:25 am Post subject: |
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The Patriot Act requires everybody who gets a mortgage to have a valid picture ID and one other form of ID that contains their Social Security Number, so I'm puzzled how you did it, but you must have paid cash, which means you own the home outright. So all you have to do to give it to Mom is Quit Claim Title to her. Visit a local Escrow or Title office, and they'll help you with the paperwork and recording, for a small fee.
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Raymond
www.ReverseMortgageCalculator.org |
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seamunkey
Guest
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| Posted: Thu Nov 05, 2009 12:38 pm Post subject: ty |
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| thanks verymuch how long will that take? |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Thu Nov 05, 2009 12:51 pm Post subject: |
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About 10 minutes to sign the paperwork, and a day for the Title to record. Call the Title company first, so they'll be ready for you. Both you and your Mother will need to sign the papers. You should also do a Will, or Living Trust, at the same time, saying the house is yours if she passes.
If you're gifting it, there are probably tax issues you should be aware of, so I'd review your objectives with an Estate Planning Attorney first if I were you.
Is the home currently her primary residence? If yes, she'll be able to get a Reverse Mortgage on it, and then you can sell it afterwards. That'll provide some cash while you're waiting for it to sell. It's usually not a good idea to get a Reverse Mortgage short term though, because of the high fees, but it is a potential solution so you should consider that idea too.
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Raymond
www.ReverseMortgageCalculator.org |
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