transfer deed of house from brother?

[sennaha]

What is the name of your state (only U.S. law)?
PA
I bought a house 5 - 6 years ago using a non-standard loan.
The house was deeded to my brother because of my credit at the time.
I paid for the house as well as putting approx. 50K into the house over time slowly fixing it when I had time. I used cash for the upgrades and have most of the receipts for materials. I now want to transfer the deed of house into my name. (the appropriate owner). What approach would be the best way to go about this? Sell for $1, any family excemptions, etc.

 

[moburkes]

What is the name of your state (only U.S. law)?
PA
I bought a house 5 - 6 years ago using a non-standard loan.
The house was deeded to my brother because of my credit at the time.
I paid for the house as well as putting approx. 50K into the house over time slowly fixing it when I had time. I used cash for the upgrades and have most of the receipts for materials. I now want to transfer the deed of house into my name. (the appropriate owner). What approach would be the best way to go about this? Sell for $1, any family excemptions, etc.

Get with your brother...

 

[latigo]

In the first place deeds to land are not “transferred”. Ownership of land can be transferred and commonly by a deed. But a different deed is required for each transaction. They are not like motor vehicle titles.

In the second place, borrowing a line from “Support Your Local Sheriff”, that was “plain dumb and stupid” of you!

What if your brother had died or does? Or has a stroke and becomes mentally incapacitated? Or his creditors have filed enormous judgment liens? Or his wife divorces him? Or he refuses to deed the property to you?

Be sensible this time and have an attorney draw up an appropriate quitclaim deed and hope that your brother will sign it. If he is married, your Pennsylvania attorney will know whether his wife’s signature is necessary. In the state where I practice it would be absolutely necessary.

 

[sennaha]

Thanks for the advise. He is not married, is young, in good health, and we maintain a good relationship. I do understand the risk I put myself. That is hindsight and in the past. This is now, and I must deal with it. Once I do take ownership of my house, I assume I must wait another length of time to sell for capitall gains? The only good thing right now is, I qualify for FHA.