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I own a piece of land and want to give it to my son. How would I get the deed changed over to him?

Newark, NJ |

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Attorney Answers 3

Posted

It would require you to have a deed prepared transfering ownership from yourself to your son. the deed would then be recorded in the county clerk's office. There are one or two other documents which are also necessary in order to effectuate the transfer. I would however suggest that you consult with an attorney before doing this as there may be tax implications or other rights and liabilities which need to be discussed.

IMPORTANT LEGAL NOTICE: The response to the question posted is not legal advice and it does not create an attorney-client relationship. The response is intended as general information based upon the facts stated in the question, and is provided for educational purposes of the public, not any specific individual. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Responses are based solely upon New Jersey law.

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Adam Lefkowitz

Adam Lefkowitz

Posted

Just another word of caution: if there is a mortgage associated with this property, then any change in ownership as reflected by a new deed, could give the mortgage holder the right to accelerate all payments, and make the entire balance due. As my colleagues have mentioned, your first and best course of action is to consult with an estate planning, or tax, or real estate attorney.

Posted

I agree with Mr. D'Alessandro. You should contact either an estate planning attorney or a tax attorney concerning the transfer. Preparing the deed and other required forms is not difficult. But, the transfer may have capital gains, gift and income tax implications that you should be aware of.

If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.

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Posted

The legal documentation required is fairly simple. However, you should first consult with a CPA or a tax attorney regarding possible tax ramifications of the transfer for you and/or your son. Upon confirming that there are no such ramifications, you should consult with an attorney proficient in real estate transactions to ensure that the documentation is properly prepared and recorded with the clerk in the county in which the property is located.

Please be advised that the foregoing answer is for general purposes only and does not establish an attorney-client relationship, nor are you to rely thereon. You should thoroughly consult with counsel, including the review and analysis of all facts, circumstances, applicable law and legal documents, before proceeding.

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