Legal Question in Real Estate Law in Texas
Deed transfer
My mother-in-law wants to basically give me a property that she cannot maintain. The deed is free and clear and taxes are up to date. We have offered to buy the property for cash to at least give her something for it. What is the best way to go about this?
1 Answer from Attorneys
Re: Deed transfer
Depending on everyone's financial condition and the value of the property, how this transaction will be viewed by the state and federal tax authorities is probably more important than the means by which you transfer ownership. You can use a donation, a cash sale, a credit sale, transfer it in a will, add conditions (for example if she will continue to use the property), or even put it into a trust. You could review these options with a lawyer, title company and accountant so find the best option for you. Consultation is often free, and asking several people as many questions as they'll permit is always a good idea.
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