Parents wishing to give a child their property as a gift need to transfer ownership to the child. While it is recommended that parents wishing to gift a child their home contact a real estate lawyer to handle the paperwork and consider the tax implications of the gift, this is something that can be done without a lawyer.
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Obtain a Quit Claim Deed document. Forms may be available in law software packages or office supply stores. Granters can also search websites for the proper paperwork. Quit Claim Deed forms vary from state to state, so be certain you have the correct form for your state.
Fill out the form and sign it. Most states require only the signature of the person giving the property, but some states also require signatures from the gift recipient.
Get the document signed by a notary public. Notaries are public servants appointed by the state to witness the signing of important documents and administer oaths. They act as impartial witnesses to deter fraud and ensure agreements are entered into knowingly and willingly. You can find notary publics at banks, post offices, insurance agencies, and possibly libraries.
Read your document carefully to see if other signatures are required. Some states require the deed to be signed by witnesses other than the notary public, such as properties in Arkansas, Georgia, Michigan, Ohio, South Carolina and Vermont.
Deliver signed document to your county courthouse to have it recorded. The appropriate office may be named the County Recorder's Office, County Clerk's Office, Register of Deeds or the Land Registry Office. Once the Quit Claim Deed is recorded, it is the property of your grantee.
Tips and warnings
- A home is a substantial gift, and additional taxes may incur for any gift over £7,800 in one year. A granter may file federal tax forms 706 and 709 with annual taxes to have the gift part of her £0.6 million lifetime exemption.
- Transferring ownership does not mean a transfer in mortgage. If you still have a mortgage on your home, you will be responsible for it, even if you no longer own the home through a Quit Claim Deed.
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