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Ray, Lawyer
Category: Legal
Satisfied Customers: 41569
Experience:  30 years in civil, probate, real estate, elder law
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I am selling my home to my daughter because We will move to

Customer Question

I am selling my home to my daughter because We will move to a senior residence within a year. Should I contact a lawyer or Realtor for most efficient management assistance in making the transaction?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Minnesota
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: The value of the home is between $300 M and $400 M. and is in a western Minneapolis suburb.
Submitted: 9 months ago.
Category: Legal
Expert:  Ray replied 9 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 9 months ago.

You should just look for a local title company here.You need to agree to a price and who pays closing costs, etc.The title company lawyer can draw up the sales contract and then prepare the closing documents.If a lender is involved for the daughter the title company can also act as escrow and closing officer and deal with lender so that closing can be made.

If you are going to finance this I suggest you make the note non negotiable.That way medicaid would not force you to sell it if you had to go on program.You can will the daughter the note and she owns the house free and clear upon your death.

The title company can prepare everything a realtor is an unnecessary expense.You could have it appraised if you choose or sell it for say tax assessor value.

I appreciate the chance to help you today.Good luck on the closing.

Expert:  Ray replied 9 months ago.