Im trying to transffer some properties to my sister, who does not have a SS number and lives in a diferent country.

Asked about 2 years ago - Orlando, FL

Can i do that? if can i prepare myself a quick claim deed to do it?


Thanks in advance.

Attorney answers (3)

  1. Alejandro Rafael Lopez

    Contributor Level 15

    1

    Lawyer agrees

    Answered . Yes, you can transfer the property to her with a quitclaim deed. However, sometimes there may be "hidden problems" of taxation or, sometimes, if there is a mortgage, the mortgage may have a clause that once you transfer the property to someone else the loan matures immediately and you must pay it at once. Try to meet with an attorney of your choice to review the mortgage for that language and also speak to a Certified Public Accountant to make sure there will be no tax consequences to you or your sister because of the transfer of the home to her.

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  2. Seril L. Grossfeld

    Contributor Level 10

    Answered . You can transfer an interest in real property via a quit claim deed. You can do it yourself. However doing it yourself without first consulting with an attorney can create expensive problems later on, especially since your sister does not live in the US and does have a social security number. I would suggest you consult with a knowledgeable real estate attorney who understands the consequences of a non resident owning real property and spend the money now to transfer the property in a manner properly to avoid the expensive consequences later.

    Answering this question is for educational purposes only and is not intended to establish an attorney client... more
  3. Ray Garcia

    Contributor Level 11

    Answered . You can transfer the proeprty to her, however, beprepared to pay a documentary stamp tax and there will be tax consequences for her if the property is income producing, and if the property loses money you will not benefit from the tax write-offs.

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