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Joined: Nov 2004
Posts: 7,104
Campfire Tracker
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Campfire Tracker
Joined: Nov 2004
Posts: 7,104 |
Just find a title company in the county the property is in.. or a county close to it. If you find an attorney they are still going to use a title company themselves. Also very few attorneys are as knowledgeable as the title company about transactions. Also all this can be done without going to the office. All they need to do is mail the paperwork to you and you get it notarized and mail it back to them and they file at the recorders office.
Quit claims are commonly used in divorce situations. Other types of deeds may be a better way to covey title. The title company will know this.
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Joined: Aug 2005
Posts: 10,719
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2005
Posts: 10,719 |
Call a local title company in Texas to assist you with the paperwork. Prolly just some small fees for their service. +1 Local Title Company should know all the quirks of the county the property is located in.
A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
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Joined: Apr 2019
Posts: 421
Campfire Member
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Campfire Member
Joined: Apr 2019
Posts: 421 |
You are allowed to give property, as a gift, but only up to a certain dollar value per year. If you go over that dollar value, the receiver has to pay taxes.
It's common around these parts for the parents to give the kids so much land per year, keeping it under the taxable amount, and keep doing that, until the kids own it all. The recipient never pays gift taxes on a gift unless they have some special arrangement which is very rare. Only the person that gives it does or reduces their gifting/estate exemption if possible. Yeah, I got it backwards. Wrong as well... So yeah the giver pays unless it is less than the annual gift exclusion. But a maried couple giving to a couple is 4 exclusions so 4x$16k or $64k in 2022. But also if you want to "overgift" you can file forms with the irs that reduce your future estate exemption and no tax is due until estate settlement. $ 12.06 million currently (which can be doubled if needed) and if under total estate(the amount gifted early plus balance at settlement) is less than exemption no tax will be due. I didn't think it was necessary to include a lot of IRS mumbo-jumbo on a $1500 gift. I agree with respect to the OP but wanted others generally to be aware their are ways to tranfer wealth without incuring tax.
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Joined: Jul 2009
Posts: 1,476
Campfire Regular
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Campfire Regular
Joined: Jul 2009
Posts: 1,476 |
As mentioned by several I would have a title co do it. Some places a legal doc. needs a consideration ( money) 1.00 to bind the deal.
Most attys. will use a title co. to do the paper work & file it with the clerk & recorder. Unless it is filed it is useless.
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Joined: Jan 2010
Posts: 13,131
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jan 2010
Posts: 13,131 |
I’ll write you up a deed for free. I do it nearly every week for myself or someone else. DM me if you’re interested. If my first attempt fails I’ll take you up on that generous offer. The kids live over in Royse City. P
Obey lawful commands. Video interactions. Hold bad cops accountable. Problem solved.
~Molɔ̀ːn Labé Skýla~
Member #547
Join date 3/09/2001
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Joined: Nov 2005
Posts: 10,277
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2005
Posts: 10,277 |
Sell it to her for $10. That way when you die there is any issue about the value of what you already gave her when heirs settle the estate, because legally you didn't give her anything.
The older I become the more I am convinced that the voice of honor in a man's heart is the voice of GOD.
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Joined: Dec 2020
Posts: 143
Campfire Member
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Campfire Member
Joined: Dec 2020
Posts: 143 |
I’ll write you up a deed for free. I do it nearly every week for myself or someone else. DM me if you’re interested. If my first attempt fails I’ll take you up on that generous offer. The kids live over in Royse City. P 10-4. DM me your email address whenever you want. It’ll be a 1-2 page doc that you’ll sign and have notarized. Then send it off to to the Presidio county clerk for recording. I’m sure it’s $26 for the first page and $4 for each additional page. Easy peasy. I’ve done no less than 100 of them for myself. They always pass title opinions and surface ownership research (for pipelines and easements and such).
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Joined: Feb 2010
Posts: 15,648
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 15,648 |
NRA Life,Endowment,Patron or Benefactor since '72.
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Joined: Dec 2020
Posts: 734
Campfire Regular
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Campfire Regular
Joined: Dec 2020
Posts: 734 |
I Quit deeded to my daughter took only minutes, met her at the courthouse. I don't want anyone else inc. my son to get this place but
her after I gone. I don't want her to have any problems. I call it the Quick deed because it's so fast.
I would have got him too but a Dad Blam snow flake hit me in da eye....
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Joined: Jan 2010
Posts: 13,131
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jan 2010
Posts: 13,131 |
My son in law is a good kid. I’ll risk the $1500.
The quitclaim deed says $1. No gift.
Obey lawful commands. Video interactions. Hold bad cops accountable. Problem solved.
~Molɔ̀ːn Labé Skýla~
Member #547
Join date 3/09/2001
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