Hello again maxe,
The simplest way to do this is simply have them fill out and sign a Quit Claim Deed. You would not even need to pay an attorney or anyone to do this, as this is accomplished quite easily.
Quit Claim Deed forms
are available at most office supply stores, such as Office Depot or Office Max. It is just basically a one page form that says Party A is transferring to Party B for the consideration of $1 (token amount) and a description of the property
from the deed. Once it is filled out and signed, you just take that to the county Recorder of Deeds and have it filed.
The one other thing you need to keep in mind, is that there is an annual limit of $13,000 on gifts that may be given to any one individual
, and I assume the home exceeds that value. If that is the case, the parents will need to file Form 709 with the IRS
to report the value of the gift given. Each individual has a lifetime exemption of $1 million on gifts before gift tax
would be due, so there is no tax
due with this form, but it is a reporting
If this was helpful please press the Accept button. Positive feedback is also appreciated.
Thank you maxe.