can you transfer a deed to a house to someone elses name?

Question

My boy friend is trying to transfer the deed to his house to my name the realestate company will issue the "cashiers check" (from selling the house) in my name whats up with that? WHY, do you ask? because he claims he cant get an ID..Pros/ Cons? anyone?

Answer 1

Avoid it. You may unwittingly be taking part in something fraudulent here. Furthermore, if he 'gifts' the house to you and then you sell it quickly, guess who gets nailed with the capital gains tax ? That would be YOU.

Answer 2

Of course. If the property is in his name, he can deed it to anyone he pleases. BUT, if there is already a sale cooking to a third party, you are out of the loop unless and until that sale goes belly up. Then he can deed it to you, and you can sell it and do as you please with the proceeds. There is, of course, another angle: re-structure the deal as a three corner sale. This sort of thing is done all the time for 1031 exchanges, and you need to talk to someone knowledgeable about what all of that means. It is much too involved to try to explain here.