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giving away a house to a relative

i want to give my house to my brother. Is a quitclaim deed the way to go

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] is the easy way to transfer the property to any one

But if you have mortgage you are still responsible for the payment

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:12 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi adlisa!

Welcome to forums!

You can use a quitclaim deed to transfer the property to your brother. However, if the property is free and clear, then a warranty deed can also be used. But just remember that whether you use a quitclaim deed or a warranty deed, make sure that you notarize and record your deed at the county recorder's office.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:12 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When you give your house as a gift to a relative how much tax is involved

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:12 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Richard!

Welcome to forums!

The gift taxes will depend upon the value of the property at that point of time. You can also check out the given page to know about the gift tax exemptions:
http://www.mortgagefit.com/gift.html#111114

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:12 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are in our late 70's and would like the brothers and sisters to have our home. We have no mortage and would pay the taxes every year and any repairs. We would live in the house as long as possible. Where do we start having the proper/legal papers drawn up? Are there any tax consequences?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi crhorness,

You can sign a quitclaim deed and transfer the property to the concerned person. However, in the deed you should mention a life estate clause which will give you the right to stay in the property until death. You can contact an attorney and he will assist you in this regard.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:12 | Post subject:

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