Signing Home Over To Family Member
REM #A721
By Ilyce R. Glink
Summary: A mother signed over her home to her son making him the grantee and owner. Now she would like to sell the home. Ilyce explains that the son must sell the home, pay all costs, and that he will receive all the proceeds from the sale.
Q: My aunt signed her home over to her nephew. That makes him the grantee and
the owner of all rights to this property, according to deed rules.
Now she wants to sell the home. Does the grantee nephew pay capital gains and conveyance tax? What about the other costs?
Who gets money from sale of home? Is it divided equal between grantor and grantee?
A: If your aunt signed over her home to her nephew, she is no longer the owner
of the property. She cannot sell the house. Only he can. If he sells it, he
is responsible for paying any capital gains taxes and stamp or transfer taxes.
He is also responsible for any of the other costs. He also gets the cash from
the sale of the property.
For more details, please seek the advice of a real estate attorney.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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