Legal Question in Real Estate Law in Florida
Selling house
I want to ''sell'' my house to my daughter and son in law. I just bought it last year. I want to buy another house for myself. Is there some way I can transfer this house to my daughter without us having to pay two more sets of closing costs?I don't want any money for the house, as they have been paying the mortgage in my name.
1 Answer from Attorneys
Re: Selling house
There are a lot of questions that come to mind. Remember though, many of the closing costs are related to the Mortgage and financing end of things. If the property is mortgaged and your daughter is going to seek a mortgage then you will likely face the closing costs. For instance, DOC Stamps (Tax) are based on the value of the item being recorded (i.e. the overall amount of the mortgage/note).
There are ways to transfer property which will or can REDUCE some closing costs and tax consequences, but they are rather elaborate and would require the assistance of an attorney and probably your CPA. Also, not every situation is right for these processes.
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