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Guest

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?

raymond · Posted: Wed Nov 04, 2009 6:10 pm Post subject:

What do you mean by you don't have an I.d?

abumbuddy · Joined: 04 Nov 2009 Posts: 3 1.43 Dollars($)

no identification

abumbuddy · Joined: 04 Nov 2009 Posts: 3 1.43 Dollars($)

any ideas?

raymond · Posted: Wed Nov 04, 2009 6:43 pm Post subject:

Nobody can buy a house in the United States without proper identification - so how could it mean that?

Guest

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

raymond · Posted: Thu Nov 05, 2009 7:25 am Post subject:

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.

Guest

thanks verymuch how long will that take?

raymond · Posted: Thu Nov 05, 2009 12:51 pm Post subject:

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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