Transfer of ownership of house

[don smaha]

What is the name of your state? Alabama

I want to transfer ownership of my previous home in my name and my wife's name to my 36 year old married son who presently lives in my previous home. Can I simply go to the County Courthouse and have the records on the home transferred to his name only or to mine name and his name jointly or do I have to hire a real-estate attorney? There would be no money involved in this transaction. Are there any tax consequences against me on this transfer of property. Do I need to have the warranty deed transferred to his name? I want to do this deal so my son can claim homestead exemption on the property and thus not have to pay the doubled property taxes.

[BelizeBreeze]

And your wife? what does she say about this?

[seniorjudge]

Q: Can I simply go to the County Courthouse and have the records on the home transferred to his name only

A: No, the folks at the courthouse are not supposed to practice law.


Q: do I have to hire a real-estate attorney?

A: Yes.


Q: Are there any tax consequences against me on this transfer of property.

A: There may be gift taxes for him and/or captial gains taxes.


Q: Do I need to have the warranty deed transferred to his name?

A: See previous answers.


Q: I want to do this deal so my son can claim homestead exemption on the property and thus not have to pay the doubled property taxes.

A: And which tax CPA told you that this would happen?