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How to sell my farm to my grandchild without paying a

How to sell my...

How to sell my farm to my grandchild without paying a realator a commission. I would nee help

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Kentucky

Accountant's Assistant: What steps have you taken so far?

None, just thinking about it

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

I would sell it and give the money to my son and I then apply to lifetime gift tax

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Answered in 2 minutes by:
3/22/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,114
Experience: Over 30 years of experience.
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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I am working on your answer now. I am sorry for the delay. It takes some time to prepare a complete answer. Please note the phone call requests are generated automatically from the system. I do not control them.

Thank you for your patience and understanding.

Kind regards,

Gerald

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Customer reply replied 1 month ago
I want an answer!! Just tell me what I paid for and I want no more charges! It is simple, where is the answer?

I'm working on it. Itis not as simple as you might think. Almost done.

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You can transfer the property to your grandchild without involving a real estate broker.

There are two ways to do this. You can transfer the property on a "Quit Claim Deed" or you can transfer it on a "Warranty Deed."

1) Quit Claim Deed: is used to pass any title, interest, or claim which the grantor may have in the premises, but not professing that such title is valid, nor containing any warranty or covenants for title. The purpose is for an individual to convey away any real or perceived interest in a piece of real estate and can encompass one property or all property in the county. You do not receive the legal assurance of the general warranty of title when a quit claim deed is used.

You can find a Quit claim Deed form here for your specific county:

https://www.deeds.com/forms/kentucky/quit-claim-deed/

The Deed must be registered in the County Records Office once it is completed.

2) Warranty Deed: This is a deed that guarantees that you have the right to transfer the property and that there are no liens or encumbrances on the property. To transfer with a Warranty Deed a title search must be done and title insurance should be bought.

To transfer with a Warranty Deed hire a "Property Settlement Company." For about $1500.00 they can prepare the deed, do the title search, and register the deed.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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I apologize for the delay. It takes me some time to type the answer.

Kind regards,

Gerald

(Please do not forget to rate me – click the five stars. It adds nothing additional to your costs, but it helps me greatly. Plus it is good Karma for you. Thank you.)

Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,114
Experience: Over 30 years of experience.
Verified
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