i'm thinking to transfer the ownership to my only 5 year old daughter.
is it possible ,and what's the procedure.
2007-04-27 09:23:40 · 7 answers · asked by Nila 1 in Business & Finance ➔ Renting & Real Estate
Minors cannot enter into contracts to purchase real property. You could put it into a trust for the child. Why would you want to do such a thing?
2007-04-27 09:27:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Only way is to set up a trust for her benifit; see the atty who helped with your closing. Will have to do a trust, a deed into the trust, an ok from the mortgage company to move the property into a trust and possibly have to refi it depending on if and how a mortgage was done with purchace.
2007-04-27 16:28:21 · answer #2 · answered by wizjp 7 · 0⤊ 0⤋
Why would you do that? To avoid taxes in some way? It is not possible because she cannot sign documents on her own. There would have to be someone else who handled the property until she reached 18 then the property would be handed over to her.
2007-04-27 16:28:56 · answer #3 · answered by Me 6 · 0⤊ 0⤋
I don't think she can own the house but you could put it in a trust for her. I would think about it though. What happens when she is 13 or so (maybe 18), has a tantrum, and kicks you out?
2007-04-27 16:29:09 · answer #4 · answered by Truth is elusive 7 · 0⤊ 0⤋
I believe there are legalities involving that. You may have to consult an attorney, or speak to your mortgage company.
2007-04-27 16:29:48 · answer #5 · answered by Dirtbox 3 · 0⤊ 0⤋
Do you have a mortgage? If you do then automatically the answer is no.
2007-04-27 16:28:17 · answer #6 · answered by Lily 7 · 0⤊ 0⤋
you cant she is a minor.
2007-04-27 16:32:12 · answer #7 · answered by I ♥ ♪♫ 2 · 0⤊ 0⤋