Legal Question in Real Estate Law in New Jersey
My Mother wants to transfer her property in New Jersey to me for no monetary consideration. She simply can not afford the upkeep anymore but wants to keep the home in the family. There is no mortgage and no liens. How can we do this with no tax implications? What cost is associated with a transfer like this?
2 Answers from Attorneys
The transfer can be done by a quirclaim deed. The cost of preparation is 275 and the recording fee is 100. before you do this you should contact an attorney to explain to you the tax ramifications in the future when you go to sell the property. I would be most happy to handle this for you. Call my office and set up an appointment.
Before doing anything your mother should consult with an Elder lawyer - her transfer may jeopardize her eligibility for nursing home assistance.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
