Legal Question in Real Estate Law in Virginia
Deed of Gift
We used my fathers name to buy a
house because of our credit. (He
signed the loan) We now want the
house to be in our name. Is a
Deed of Gift the best way to go?
Asked on 9/24/08, 12:48 pm
2 Answers from Attorneys
Susan Allen
The Law Office of Susan E. Allen, PLLC
Re: Deed of Gift
In addition to the issues related to a possible "due on sale" for the property transfer, there may be tax implications for a gift of a house.
Answered on 9/25/08, 5:45 pm
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Deed of Gift
Better first check with the current holder of the loan note to see whether such a transfer might trigger a so-called "Due on Sale" clause in the applicable deed of trust(mortgage) for the property.
Answered on 9/24/08, 4:43 pm
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