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lwpat, Attorney
Category: Legal
Satisfied Customers: 25387
Experience:  Actively practicing trial attorney
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Hello, I have a property bought for 55K. Id like to transfer

Resolved Question:


I have a property bought for 55K. I'd like to transfer title to my sister. With gift tax exclusion of 26K, my sister would owe me approx. 30K. How do I transfer title to her and be the lien holder for that amount? What steps should I take?"
Submitted: 6 years ago.
Category: Legal
Expert:  lwpat replied 6 years ago.
Thank you for your question and for using JA. Please click accept so I will receive credit from JA for my time.

I assume that you mean real estate. Probably the best way is a contract for deed for the 30K amount. That way you do not actually transfer the deed to her until she pays in full. If she does not pay then the property would revert to you without having to foreclose. You should have it drafted by a local real estate attorney.

Here are some examples
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Customer: replied 6 years ago.
one of the link you sent actually offers the "contract for deed" for free or very small fee. Can I use that? My sister is really tight on her money. I live in CA. How much will it cost approx. for this process?
Expert:  lwpat replied 6 years ago.
We can only answer questions that do not actually cross the line into performing legal services. An attorney would probably charge you 100 to 250 to do it. The forms are fairly standard so you can read between the lines. That would be your only cost unless she wants to record the contract and then there would be the county recording fee. It is not 100% necessary to record but it is a good idea for her protection.
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