Can I extract the full equity of my home value then "gift deed" the property or transfer the property & loans to another?

Can I extract the full equity of my home value then "gift deed" the property or transfer the property & loans to another Property is a prime fifteen acre working horse farm with house & barn. I have a friend who I would like to have the property and keep it working. Friend is already living on the property four years and will have no problems operating the farm.

We are looking for a way to make ownership possible for her by keeping the existing mortgage rate at 5.4%. She does not have much money on hand and we are not sure she would qualify for our ideal selling price. What can we do to accomplish what both parties are looking for?

Asked by newuser10623773 43 months ago Similar questions: extract full equity home gift deed property transfer loans Business > Financial Services.

Similar questions: extract full equity home gift deed property transfer loans.

Don't do it. There are major consequences to what you are trying to do: 1. There may be a hefty Federal Gift Tax Liability.2.

There will be an impact on your own income tax and capital gains tax situation. 3. If there is title insurance in place, the transfer may kill the coverage.

4. Transferring title will give the mortgage holders the right to call the notes and foreclose the mortgages. If the new owner is not credit worthy, that doubles the risk that the banks will jump in.

And they will be looking for YOU if the loans go into default no matter who owns the property. DO NOT DO anything like that without getting serious, professional tax and legal advice. Sources: 27 years of getting people out of messes they shouldn't have gotten themselves into.

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You both agree with your lawyer & you both sign the "deed of gift" after you have agreed. Please consult your lawyer and agree to agree with your friend. Some laws may vary from state to state so be sure you know both what you need to do with your property.

And since you are willing to make it a "gift deed", it may be easier. After consulting your lawyer then you may proceed to signing of agreement or amendment. Sources: PERSONAL OPINION..

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