I’m in Oregon. Yes, I know it sucks.
I have a 10-acre property in Texas that I want to transfer ownership to my daughter and son in law. They live in Texas.
The property is bare land with no improvements. I own it free and clear. Taxes are paid. No liens or encumbrances.
What’s the easiest and cheapest way to transfer ownership?
P
Brief and vague.
Looking for something more substantial.
P
Quit claim. You file the papers, and they have to go to the court house in the county where the property is located, and sign the papers.
Call a local title company in Texas to assist you with the paperwork. Prolly just some small fees for their service.
A simple trip to a title company in Texas should do it, you will have to do some of it by mailed documents.
A country lawyer in KY would whip you up a deed of conveyance for 150-200 bucks. No idea what a country lawyer in TX costs.
Brief and vague.
Looking for something more substantial.
P
Convey by a quitclaim deed. I bet LegalZoom can do it.
If the property is huntable, I might know a guy who will draft something up for you in exchange for a little hunting access.
If the property is huntable, I might know a guy who will draft something up for you in exchange for a little hunting access.
Is 10 Acres huntable? Put one of those feeders dead center, I suppose.
I dont know texas law. I do know alot of states if you go into a nursing home will go after all real estate gifted by you for a certain amount of years, just check into that please.
Call a local title company in Texas to assist you with the paperwork. Prolly just some small fees for their service.
^^^This^^^
+1 on quit claim deed
Pay lawyer to draw it up. Sign it and record deed
I love legal zoom. Some of my biggest fees ever were started by legal zoom. If you want a future mess, by all means, use legal zoom.
My advice: find the deed that you obtained to take title to the property. Give a copy of it to a lawyer. Take his/her advice. Have him/her draft a deed and other required papers. Sign them and return to lawyer and have them recorded and forwarded after recording to your grantees.
I bought the property for $1500 years ago.
It’s still worth $1500.
Hence the desire for cheap.
P
Land Trust. With them as beneficiaries. Do it yourself.
I bought the property for $1500 years ago.
It’s still worth $1500.
Hence the desire for cheap.
P
10 acres in Texas and it is only still worth $1,500? Is it next door to Pete Arredondo or something?
I’ve done the quit claim twice…you can probably find the proper papers are downloadable from the county or state in Texas. State and county websites will generally guide you through the process… you’ll probably only need the services of a notary.
A country lawyer in KY would whip you up a deed of conveyance for 150-200 bucks. No idea what a country lawyer in TX costs.
You don't always need a Lawyer.
A country lawyer in KY would whip you up a deed of conveyance for 150-200 bucks. No idea what a country lawyer in TX costs.
You don't always need a Lawyer.
Of course not. Sometimes you do though. You might not know that at the time, in which case you’ll need an expensive lawyer later.
Definitely do it the cheapest way possible.
That always works the best.
Found a free quitclaim program online.
Might just do the trick.
Thanks for the direction.
P
Found a free quitclaim program online.
Might just do the trick.
Thanks for the direction.
P
It will. It will be examined a bit more closely later in the chain of title, say when or if your daughter sells the property. I’d probably put your daughters maiden name or put language that I quit claim to my daughter and her husband….
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.
If the property is huntable, I might know a guy who will draft something up for you in exchange for a little hunting access.
Is 10 Acres huntable? Put one of those feeders dead center, I suppose.
Guys hunting from a bird perch could place several stands on 10 wooded acres. Around here, most of those perches only hunt maybe 5 or 10 acres
all year.
Thick, spending all day on your ass, you only see an acre or two.
Big question, is it the right couple acres?
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.
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.
As has been discussed, check on living trust.
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.
No worries. I speak to a lot of recipients from estates that think they will be taxed also, but the estate pays all taxes due if any before distribution.
Just give it to your daughter.
Don't put your SIL's name on it, just in case.
I am still hung up on how 10 acres anywhere in Texas is only valued at $1,500 total.
A few years ago we gave a lot to my wife's niece. We just got a blank quitclaim form, filed it out and sent it to her along with the deed. She filed it at the courthouse. No lawyers, done deal. I never heard what the fee was. We might have had to sign it in front of a notary. I don't remember. If needed, there'll be a place on the form for a notary's stamp and signature.
Get a download form here for your state:
QUITCLAIM
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 am still hung up on how 10 acres anywhere in Texas is only valued at $1,500 total.
Middle of nowhere, Presidio county.
Just give it to your daughter.
Don't put your SIL's name on it, just in case.
x2 leave it to daughter only
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.
If the property is huntable, I might know a guy who will draft something up for you in exchange for a little hunting access.
Fuggin' lawyers!
Whore yourself out to hunt on 10 acres.
10 acres!LOL.
A lawyer worth his weight in cat food would have stolen more land from someone....
I am still hung up on how 10 acres anywhere in Texas is only valued at $1,500 total.
Middle of nowhere, Presidio county.
I hear you, but even for that area it is way cheap. Hope you get it sorted out.
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.
Different states have different laws, and I dont know Tx. laws. In La. you can write a bill of sale, I did it last spring.
Something like this.... I, John Doe, SS# xxx-xx-1234, 555 1st st., anytown, La, zip, do sell all my right, title, and interest in the following described property to Jane Smith, SS# xxx-xx-5678, 121 2nd ave, anytown, La, zip, for the sum of $xxxx dollars.
Property description.... Use the one on the tax records.
Have it notorized and recorded at the courthouse.
I wrote a check for the purchase, but it hasn't been cashed????
A bill of sale is less likely to be disputed.
My .02
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.
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.
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.
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.
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
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.
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).
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.
My son in law is a good kid. I’ll risk the $1500.
The quitclaim deed says $1. No gift.