Signing Home Over To Family Member

Added October 20, 2006 by Ilyce R. Glink

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Summary: If a homeowner signs a home over to a family member, the original owner does not have ownership in the property and could not sell it. The new owner, upon selling the home, would be responsible for taxes and costs of selling the home. The new homeowner would also keep any profits 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.

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