Deeding of a Property

Question: Can a family member deed a property over to you for $1.00? Are there any costs involved in a transfer like this? And if so, who is the owner of the property and who holds the equity in the property?
Thanks
JayDee

Can a family member deed a property over to you for $1.00?

Yes.

Are there any costs involved in a transfer like this?

Yes, recording fees, Title Fees.

who is the owner of the property and who holds the equity in the property

Person on deed would be owner. However, if there is a mortgage on property. Then the mortgagor (bank) still holds equity in property and whomevers name the loan is in is liable for loan.

I see. So, if the “new” owner wanted to sink money out of the property, then could he or she do that without having to invlove the person who is holding the mortgage? Or would they just have to go ahead and refinance to do that?
Thanks
JayDee

you would probably need to be on the deed 90 days to 6 months and then you would have to refinance to get the cash.

Alrighty…thanks!

WOW, Mark.

Cash Out in 6 months or less on a contract for deed by a relative?

Care to share with other brokers on who has this option?

Thanks

If its husband to wife, mother to daughter, father to son…you can transfer title with no consideration. And if the opurpose of the transfer is to refinance there should be no seasoning issue…so long as its the primary residence. As always this may vary depending on what state the property is in.