Legal Question in Real Estate Law in Texas
Texas use of Gift deed to transfer real property
Is it permitted in Texas to gift an interest in real property for merely love and affection from a son to a mother, or need there be some monetary consideration.
2 Answers from Attorneys
gift deed permitted
Gift deeds are permitted in Texas. Beware of due on sale or transfer clauses in mortgages and federal gift tax issues.
Gift deeds in Texas
You do not say why you wish to transfer the property. The short answer is yes an outright gift is allowed. There are pitfalls to avoid thousgh. Gift tax implications should be checked out. Is this beign done to qualify for Medicaid, or some othe rgovernment benefit? Is there an existing mortgage and if so, is there a due on sale clause. There is more to the question than you have provided in your question. A good attorney will ask you those questions and try to keep you from getting into one of the toruble areas with gifts or eal property.
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