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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45710
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I want to deed my property to my daughter and son who will

Resolved Question:

I want to deed my property to my daughter and son who will assume and continue paying the monthly mortgage payment. They have been residing in the house since I bought the property on 11/1/2005. Following are information to determine tax issues when I go through with the thought:
Purchase Price: $314,500.00
Mortgage Balance: $258,662.75 as of 4/16/13
Tax Assesssment by County: $267,560.00
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good evening. Because you have a mortgage, your loan documents are going to have a provision requiring your lender's consent to the transfer of the property and assumption of the loan. But, presuming the lender agrees, you simply need to sign a quit claim deed transferring the property to them, have the deed witnessed and notarized, and then record it in the real property records of the city/county in which the property is located. If you need a form for the quit claim deed, let me know and I will be happy to provide one for you.


There should be no gift tax consequences with regard to the excess of the value over the amount owed on the mortgage. Recipients of gifts are not subject to gift tax. And, there should also be no gift tax due from the donor. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, each person has a $5,250,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,250,000 in gifts without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative gifts have exceeded the $5,250,000.



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Customer: replied 1 year ago.

Please email a sample quit claim deed. Thank you.

Expert:  Richard replied 1 year ago.
Thanks so much for your reply. Under my terms of service with JA, I'm can only communicate through this forum and not by email. I've provided a Quit Claim Deed below for you which you can copy and paste into a Word document. :)



STATE OF _______________ )
) QUIT-CLAIM DEED
COUNTY OF __________ )


KNOW ALL MEN BY THESE PRESENTS that ________________________., (hereinafter "Grantor") in consideration of the sum of One Dollar ($1.00) to the Grantor in hand paid at and before the sealing of these presents by _________________________________ (hereinafter called "Grantees"), the receipt of which is hereby acknowledged, has granted, conveyed, remised, released, and forever quit-claimed, and by these presents does grant, convey, remise, release and forever quit-claim unto Grantees, their heirs and assigns, all of its right, title and interest including any remainder interest, in the following described property:

[Property Description]


Together with all and singular the rights, hereditaments and appurtenances to said premises belonging or in anywise incident or appertaining; to have and to hold all and singular the premises before mentioned unto the Grantees, and the Grantees’ heirs and assigns forever, so that neither the said Grantor nor Grantor's successors and assigns, nor any other person or persons claiming under Grantor shall at any time hereafter by any way or means, have, claim or demand any right or title to the aforesaid premises or appurtenances, or any part or parcel thereof, forever.
WITNESS the Grantor's hand and seal this _____ day of ________________, 20__.


{Signatures appear on following page} 

Signed, sealed and delivered in the [Grantor Signature Block]
presence of the following witnesses:


_______________________________


_______________________________


STATE OF ________________ )
) A C K N O W L E D G M E N T
COUNTY OF ___________ )


Subscribed, sworn to and acknowledged before me by ____________________, Grantor, this ________ day of ____________________, 20__.


(L.S.)
Notary Public for _____________
My commission expires:


Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45710
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 6 other Real Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Expert:  Richard replied 1 year ago.
Thank you also for the generous bonus! I appreciate your generosity!

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