can I transfer my deed into my son't name??

Answer 1

Actually the term is "Quitclaim" deed, but hold on a minute. Have you thought out all the consequences of doing this? According to the law "a gift is absolute". You can't take it back. There might be transfer taxes. Recording the deed might trigger a reassessment. Have you considered that there might be tax consequences? If you son is married have you considered that his spouse might acquire some interest in the property over time? What if he divorces? What if he pre-deceases you? What if his creditors come after the property? If you are trying to some estate planning, your son stands to get a tax advantage by taking your property on a "stepped up" basis when you die. There is a lot to consider here. You should sit down with an attorney and lay out your complete plan. There might be better ways to meet yours goals. And the point of the other respondent about the due on sale clause is also very important to consider.

Answer 2

The easy answer is yes you can transfer the title to your home to your son. The real question is why are you doing this and why would you so this. You lose complete control transfering the property to your son.

If you are trying to get out of a mortgage this is not the solution. By transfering the title of the property does not transfer any mortgage to your son.

Now about the transfer if you simply want him to have the house after you are deceased, then you might consider a "Revocable Lliving Trust". Properly prepared this will give him the property without going through probate, thus costing him little or nothing. If there is a mortgage on the property he still has to pay the mortgage.

This method will also stop the challenge from your other children if there are any,or you may add them to the "Trust".

If you are doing estate planning you might consider spreaking with an estate planner,look for one in your local telephone book. Some attorneys do the same thing for between $400.00-$600.00, so check with one before making this estate decision.

Now the method you use in transfering the property. Though a quit claim deed is in fact legal and will transfer title, the best method to transfer title is through a title company. You will find one in your telephone book.

Anyone can challenge this transfer in court to include other relatives or others that you owe money.

Simply call one, tell them what you want to do, ask them the cost to do this transfer, set up an appointment for both you and your son to go sign the necessary documents.

Once the necessary documents have been signed the title company will then take care of recording the deed at the county court.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Yes you can, as Jose said. However there is a stong possibility that you won't accomplish what you're trying to using this process. You will indeed lose control of the property. In addition, even if your son leases it back to you, it will still be subject to a lien from any creditor your son might have, which could be a tax lien, a judgement in connection with a lawsuit that was not satisfied by insurance (if it was even an insurable event). Also, if you're being sued, the transfer could be made null as a "fraudulent conveyance" to protect your asset from a legal claim. Additionally, there can be gift tax implications depending on the size of your estate at the time of your death (but that's another matter). Finally, depending on the state you live in, your son's wife (current or any one in the future) could acquire a "marital interest" in the property even if not on the deed. A divorce could result in the house being sold to satisfy her interest. There may be a lot better solution to what you're trying to do. Check with a reputable attorney. Your house is worth paying a few hundred bucks to do this right.

Answer 4

Yes, you can record a new deed that transfers the property into your son's name. If there is a mortgage on the property, however, transfering the property does not transfer the mortgage; and, if your trust deed (the deed that secures a mortgage) contains a "due on sale" clause, making the transfer could result in the mortgage company calling your loan due.

Answer 5

Yes you can, you need to do a "quick claim deed", however, you will need to pay stamp taxes and record it to trully be in his name. THe oinly problem is that one is his property you have no saying in it. You can choose to add him to the title rather than transfer the property into his name.

You might also need permission from the Mortgage Company if you have a Mortgage to trasnfer the tile to another party.

Answer 6

DO NOT DO THIS!

You will lose all control of the house. And if you say that your son would never do that, guess again. What happens if he feels that you are to old to live by yourself.

If you are doing this as a estate planning, there are better ways.

DO NOT GIVE UP CONTROL OF YOUR LARGEST ASSET!

Answer 7

Why would you want your son to have control of where you live?

Unless you are moving out, that is a move I would not recommend, because if you change your mind later, you can't get it back without his signature.

Answer 8

SURE you can it's easy but wait till you are on way out you never know if you may need it for yourself