How does a Gift Deed work in allowing me to transfer property to my children without selling it to them?

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Question:

I want to give my house to my kids. I don’t want to sell it to them, so I don't’ really know exactly how to go about getting it transferred over to them and into their name. Is there some kind of gift deed property form or something I can fill out so that the property will be in their name? If so, what do I need to do to make the transfer of the gift deed property happen?

 

 

Answer:

Any type of deed will transfer ownership from you to your children. In your situation, a gift deed may be the best option. A deed transfer usually requires some type of consideration- usually money. A gift deed allows you to transfer the property without receiving additional consideration from your children, as the consideration is the fact that you want to give your kids a gift. If you want to do this type of deed transfer, then you simply need to arrange to transfer the deed into their name and the new deed must be filed at the county clerks office. If you have questions about the gift deed property transfer or how to change the deed to their name, you should consult a qualified real estate attorney who can provide you with assistance on this matter.

References:

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