Legal Question in Real Estate Law in Minnesota
Transfering Ownership of Home
I currently own a home with another relative. I would like to transfer my portion over to them. What are the steps in doing this? Can I do this myself?
1 Answer from Attorneys
Re: Transfering Ownership of Home
The short answer is that you do this by giving your relative a quit claim deed.
The form looks easy, but I would advise against doing it yourself. It's a trap. One small error and the title to the house is messed up. Get a lawyer to do it.
You also might want to talk with an accountant about the tax consequences. If this is a gift, you might need to file a gift tax return. Having to pay a gift tax is very unlikely, but the return might be required. You also want to make sure that there are no capital gains issues.
Good luck.
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