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4ren6
4ren6, Forensics/CSI
Category: Legal
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How do I sell my house to a relative

Resolved Question:

If I want to sell my house to my brother for a very cheap price do I have to go through a realtor? If not how do we do it leagally? Can we just get something notarized and can I claim a capital gains loss on my taxes since I am selling it for far less than it was appraised for? Please tell me step by step how to sell my house to a relative.
Submitted: 10 years ago.
Category: Legal
Expert:  4ren6 replied 10 years ago.
you have a legal question and a tax question. I can help on the legal but not the tax. If your needing help on just the legal then provide me some details as to what "cheap" is.
Customer: replied 10 years ago.
Reply to 4ren6's Post: It was appraised for 80,00 but I am selling it got 20,000
Expert:  4ren6 replied 10 years ago.
Do you have a clear title to the deed at this time.
Expert:  4ren6 replied 10 years ago.

If you have a clear and free title to it then you can do this on your own without an attorney.

You can legally sell it for as little as 1.00 but most family will put down at least ten dollars on the quit deed form.

The below form is what you need to fill out. Make sure you put the correct legal description in as this will mess things up. The legal description can be found on your property tax form.

Fill it out. Sign it. Have him sign it and have it notarized. No attorney is need for this. No real estate agent is needed for this.

After the paper work is filled out and notarized you/he will need to take it to your local parish to record within the parish that the tax collector is located. This is to be filed and recorded in the Clerk of the Courts office. He will have to pay recording and document stamp fees so that is why many family members will deed property over for 100 down to 10 bucks. This saves on the fees at the court house.

Once done he will need to go to the tax collectors office and show them the now recorded deed and the transfer of taxes will go from you to him.

I am not a tax expert and can not answer the tax question as that part needs to be posed in the tax section.

The below form is legal and binding in all 50 states. This is the only form that you need. This applies only if you have a clear and free title/deed.

QUITCLAIM DEED



This quitclaim deed made on [date] , between



[name of transferor], of [address] , [city] ,



[county] , [state] , and [name of transferee],



of [address] , [city] , [county] ,



[state] .



That for and in the consideration of the sum of [amount]

Dollars, ($ ), the receipt of which is hereby

acknowledged, [name of transferor] does hereby release,

remise and forever quitclaim unto [name of transferee] all

of his interest, if any, in that certain real property

commonly known as [street address or acerage], located in

the City of , County of , State of

, described as follows:



[legal description]



Together with all the tenements, hereditaments, and

appurtenances thereunto belonging, and the reversions,

remainders, rents, issues, and profits thereof.



To have and to hold, all and singular the premises, with the

appurtenances, unto [name of transferee] and his heirs and

assigns forever.



In witness whereof, [name of transferor] has hereunto this

day and year as set forth above.

_____________________

[Signature]

[Acknowledgment]

 

http://www.formsguru.com/forms/legal-forms/quitdeed.html






Please let me know if you need further assistance and do click the accept button if your satisfied.

4ren6, Forensics/CSI
Category: Legal
Satisfied Customers: 4794
Experience: Sworn Expert Witness in Criminal Law. Sworn Expert Courtroom Testimony.
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Expert:  LEV replied 10 years ago.
Just to clarify the issue from tax side - selling to your brother for less than a fair market value would be a gift from your side and gift tax return may be required.

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