If you own rental properties in Southern California you may at one point in the future be interested in gifting or transferring a property to a family member. This is a common interest that most investors have especially if they want to leave behind a legacy and give their child or family member a property so that they can enjoy the benefits of Real Estate as they have.
In this article, we will provide you with all of the things that you need to know about gifting property to a family member so you can do this with confidence.
What You Need to Gift A Property to A Family Member
Before starting the process of gifting property to a family member you will need to have an escrow company and a title company ready to facilitate this transaction for you.
This step is necessary especially if the property currently has a mortgage or other loans that need to be paid off.
Both companies will help you to complete this transaction smoothly but if you own the property free and clear you may want to consider deeding the property to your family member by signing a gift deed.
Let’s say that you own the property with another family member though; you will have to fill out a quitclaim deed because this type of deed is necessary to transfer ownership to another individual who is not already a part owner in the property that you’re planning on giving them as a gift.
It’s important to note that with when you fill out a gift deed, you will be listed as the grantor and the person receiving the house as a gift will be listed as the grantee plus the parcel number and title for the property should also be included on the gift deed as well.
Contact the Fred Sed Group
For questions about gifting property to a family member, or to view homes for sale in Southern California, contact he Fred Sed Group by calling us at (800) 921-9231 or click here to connect with us online.