change the deed and title to grown child

[Cbjmh]

What is the name of your state? NY

My husband and I owned a 2 family investment property. We still have mortgage payment due and will be done in 2 more years. We are thinking to change the deed and title to our grown daughter who resides outside U.S. How is that done properly to avoid any further sale transaction problem in the near future? Can it be done quickly? How much will it cost for the deed title change? Will the title insurance company get involved? After the deed and title change, will it have any problem if my daughter sold the property later on within a short period of time? Or do you suggest we sell the property to our daughter for below the fair market value price? We want to do it in a way that the sale transaction to third party later on will be smooth and hustle free. Thanks.

 

[pojo2]

Call your Mortgage company and ask them if it is okay to "give" their collateral away? When they say heck yeah, go ahead then call an Atty to handle it in the proper and legal manner so there will indeed be no problems later on.

 

[divgradcurl]

After the deed and title change, will it have any problem if my daughter sold the property later on within a short period of time? Or do you suggest we sell the property to our daughter for below the fair market value price?

You might also want to talk with an accountant about the tax ramifications of doing this...