Can i give my house to my sister without doing a purchasesale transaction?

Charlott
I own a 2nd house (investment property in california) that i wana sell to my sister. Instead of doing a sale/purchase can we just change the title to her name and then refinance the house with her being the borrower instead. Because if i sell it to her the goverment will tax me 25% since its an investment property.

Anjanette
you can add you sister to the title. then have her refinance the house through a mortgage company or bank. Once its ready to close she can have you quit claimed off the deal. She has to be added to the title before this can be done though. I can help you get the loan if your interested once you visit a title company in your area to have her added to the title. just shoot me an email

Aliza
There are several key factors here: Do you have a mortgage on the property? This will determine if you will be able to change the title to your sister's name. If you have a mortgage on the property, you will have to pay off the mortgage to remove your name from title. Otherwise, a real estate attorney should be able to tell you if CA allows for 'gifting' property w/o tax issues to either one of you. A gift transfer could also create potential tax liabilities with Federal tax laws of gifting so either the real estate attorney could assist or a tax attorney's advice should be sought out. As far as your sister refinancing the property after title has been transferred, you will want speak to a reputable loan officer as to various lender policies on refinancing and time required on title. She may not be able to refinance right away and/or may not be able to get the best rates. I am not familiar with CA real estate laws and I highly suggest consulting someone there to cover all the potential issues that can arise from such a transaction.I am drawing from experience with client's issues in the past.

Billye
Well if you can say you live in it, it wont be classed as an investment property.Yes i think you can change over the deed to her name, but your best advised to speak to a real estate lawyer on this, im not quite sure, and each state have different restrictions.

Laure
You should contact your tax advisor concerning this transaction. I think that no matter what type of transaction you do with your sister involving the house the tax will still have to be paid.You can change the title to the property if you so desire. Do the title change through a title company. It will cost about $150.00 to $200.00. This will save lots of time and inconvience in the long run.Some lenders will need seasoning on the title transfer. Some will not. You should check with a competent mortgage broker to find out the programs they offer on title seasoning.I hope this has been of some use to you, good luck."FIGHT ON"

Juli
You should consault a lawyer on this matter. To keep your self safe.

Candis
I am not sure about in California but in NC you can. I would check with a Real Estate attorney in your area they should have your answer.

Caroyln
Contact Agent Green, JR Middlebrook, California Realtor, 562-676-7953 http://www.southerncaliforniarealestatea…