Legal Question in Real Estate Law in Pennsylvania

Re: how do I begin to transfer my property to family

Very good thinking on your part. This is a great way to transfer equity to the next generation. I try to find way for people to do this whenever I can.

You definitely do not need a real estate agent. But you will need a lawyer. You will have to answer a couple of questions such as do you want to give all the equity to your daughter right away? And do you want to make certain you can live in the home as long as you want? A good way to accomplish this will be to document a transfer that will devise your rights to the remainder of the property and retain a "life estate" for you in the property currently. This would mean while your daughter had "title" to the property you are able to stay in the property as long as you like.

Yes, you can do this as a family. And even with bad credit she should be able to get very favorable rates on a mortgage. that's because, if I read correctly, you are contributing your 50% equity in the house. This could function as a great downpayment so that any bank would be happy to lend money based on the entire value of the house.

But, in order to facilitate the greatest savings there are further means to structure the transaction in order to take advantage of favorable tax rules (such as gift tax exemptions).

If this is happening in Eastern Pennsylvania I would be happy to discuss this transaction further. If it is happening in North Carolina then you will need to speak with an attorney and account in that state.

Regards,

Roger Traversa

email: [email protected]