How to Sell a House to My Son
You have own house and you want to sell it. You have working son that he want to buy a house, so you decide to sell your house to your son. If it run, you do not need a complicated process, it will be easier. The process is simple as transferring ownership of the home to a family member and setting up a purchase pr payment plan. You do not need consult with a real estate agent nor have a mountain of paperwork drawn up. In many cases, if you want to sell your home to your son, you take just a few hours to settle.
1. If you want to treat the sales as any other you should consider the fair market price on your house. You have to have appraiser value the property or you can do a little research on your property to come up with the value. Sales prices of other homes are similar to yours will give you a good idea to worth it. You should consider about any repairs that need to be done and lower the house price for the cost of the repair. Ensure that the sale of the home can cover any loans that you have on the property. If you sell it to your son for a nominal fee you must be aware because according to the BankRate.com the Internal Revenue Service (IRS) will charge you a gift tax if the price is too low.
2. If you cannot make sales agreement by yourself you can contact a lawyer and ask him/her to make a simple sales agreement such as “sold as is” or a commitment to have certain item fixed before your son move into your home. The contract must be represent the agreement that you and your son have agreed already.
3. You can receive the funds from your son such as a cashier’s check, bank transfer, loan or cash. You will send the payment to your bank for any money owed on the house.
4. If you sent your payment electronically, or you sent the payment by email you should contact the bank after a few days or up to a week.
5. Visit the property tax assessor’s office, city clerk or other government entity that handles deed report in your city to take the title or ownership paperwork. To make sure of the correct office make a call to the number on your property tax bill. When you go there take your picture identification and your son.
6. Show the office where deeds are filed the paperwork that you get from the bank, and have it recorded and filed. But, it does not matter if your home was paid off in the past because ownership of the house is already on in your name.
7. Ask a quitclaim deed or warranty deed form. You can get this one in jurisdiction office, office supply store or buy it online. The quitclaim deed is a form that changes ownership of the property. The warranty deed is as a warranty. If you take it will no doubt on you. There is no claim on the title of the property and ensure that the house is paid off.
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