Legal Question in Real Estate Law in Georgia
Transfer Of Property
In a nutshell...My Father has a paid for house (no liens/loans whatsoever) that's been vacant for 3 years. I've paid the taxes on his house for the past 3 years. Due to minor medical issues he currently lives a house that I own. He wants to transfer his paid for house into my name. The reason being that he doesn't have the financial resources or the motivation to make the many repairs needed to get the house rent ready/sale ready. He just wants to be done with his house altogether..... he's on a fixed income and can't afford to keep up the insurance and taxes.What's the best way to go about accomplishing this? Quit Claim? Warranty Deed? Would it be better if I bought the house for a nominal fee? I'm not sure which way to proceed. Any help would be greatly appreciated.
2 Answers from Attorneys
You won't get a good answer with those facts - for example, it depends on your father's financial situation, medical condition, etc. Transferring assets is often a great way to screw up benefits for him later.
I agree with the previous post. Consult with a local attorney.
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