Legal Question in Real Estate Law in Florida

Re: Transfering the title of my home to my son

To transfer the house to your son, you need merely execute a deed to him and record it. The cost for preparation of a deed is minimal. HOWEVER, there may be some negative and unintended consequences. First, if there is a mortgage on your house, the transfer may trigger the due-on-sale clause, meaning that you have to pay off the mortgage. Second, if in Florida, you will be charged documentary stamps of $7.00 per thousand dollars based on the amount of your outstanding mortgage. Third, although you can transfer real property to a minor, he could not transfer it until he reaches 18, and at 18 he can do what he wants with it (translated "blow it")(usually not recommended for most 18-year-olds). A better solution, if this is your current home, is to transfer it into a living trust, with you as trustee. That way you can continue to control it, and the problems mentioned above are taken care of (mortgage holder cannot exercise due-on-sale clause, and you should have to pay only minimun documentary stamps - $.70). It will cost considerably more for an attorney to prepare for you, but it is a much better solution.

Frank Pyle, COL, USAR (Ret.)