Can I pay cash for a house in FL and put the deed in my sons name

Asked over 1 year ago - Vero Beach, FL

I want his name to be on the deed at closing not mine so should the contract have my name on it

Attorney answers (3)

  1. Carol Anne Johnson

    Contributor Level 18

    2

    Lawyers agree

    Answered . In addition to everything Attorney Deason has mentioned, you may also want to run that by your accountant to see if there are any gift tax issues in the transaction.

    Carol Johnson Law Firm, P.A. : (727) 647-6645 : carol@caroljohnsonlaw.com : Wills, Trusts, Real Property, Probate,... more
  2. Marshall C Deason Jr.

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Your question raises several issues. First, yes you can pay for property that is deed in your son's name. You can contract to do this either by putting the contract in your son's name or by putting it in your name putting a provision in the contract that you have the right to assign your contractual interest. However, in either event, if you are putting your cash in property titled in your son's name to hide it from your creditors, the deed can be set aside and your creditors can take the house from your son. While your situation seems simple on its face, there may be hidden issues. You should consult an experienced real estate lawyer in your area to make sure that what you are planning to do is actually accomplished.

    Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does... more
  3. Vincent J. Gallo

    Contributor Level 14

    Answered . If your name is on the contract the seller should be compelled to put your name on the deed. Easy answer, have your son sign the contract if he is the intended grantee in any case.

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