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How do you gift a home to a relative?

Downers Grove, IL |

How do you gift a home to a relative?

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Tbe usual legal mechanism is a quitclaim deed. Despite the availability of such forms from printers and office supply stores, proper execution and recordation of any deed requires at least a modest amount of legal assistance. The much greater concern is the objective to be served. Gifting a home has important and possibly unwelcome consequences, especially for the elderly. Any prudent grantor would consult with an experienced estate planning or elder law attorney before attempting such a transfer.

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Hire a real estate attorney. There are so many ways this could go sideways. If you have a mortgage it could violate the due on sale clause (depending on who the relative is), if the deed is not prepared correctly, you could make a huge tangled mess, there may be gift tax ramifications, it may affect your real estate tax exemptions, judgments against the grantees may attach to the property, and so on and so forth.

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You can do it by way of a quit claim deed.

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