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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 35334
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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When my mom and dad died they left their house to us the 4

Customer Question

When my mom and dad died they left their house to us the 4 children. We do not want it and would like to sale it to our niece for a $1.00 with love and affection. We live in South Carolina and can't afford a lawyer. What paperwork do we need to do this ourselves?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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If you wanted to transfer it to the niece, you would just need to have a deed prepared by a local real estate attorney or title/closing company with all the children listed as the grantors and the niece listed as the grantee. The cost should be around $100-150. Once all the children sign and have notarized, the deed is delivered to niece for recording and that would complete the transfer.
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I would suggest contacting a local title company or closing company as they will be faster and cheaper and can assist with getting the deed signed, notarized and recorded for a small additional fee.
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You do need to be aware that there are potential gift taxes that might be incurred based on the value of the house if each child's 25% share is valued at over the $14K allowable annual gift tax exemption.
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thanks
Barrister
Customer: replied 1 year ago.
Thank you so much, you just took confusion and made it simple.
Expert:  Barrister replied 1 year ago.
You are very welcome. Glad to help any time.
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As an aside, what is the value of the house? I can provide information if needed that will allow you to avoid any gift taxes if it is worth over $14K x 4 = $56K...
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thanks
Barrister