Hello all. My parents want to give me one of their homes. It's in decent shape, in a decent neighborhood, but already paid off. How can I hold title to the home by myself? I've been told that I must do a quitclaim deed, and some others have told me I need to refinance.

No need to refinance if there is no mortgage unless you need to pull some equity out of the property. A simple deed transfer "should" suffice.

Consult a title company and make sure to perform a title search prior to taking ownership. I know they are your parents but you need to make sure all liens and judgments (if any) are satisfied prior to taking ownership of the title of the home.

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Steve Castaneda, Realtor
Keller Williams Realty
The MyHomeHouston Team

Specializing in Houston Real Estate. Feel free to visit my Houston Real Estate Blog or read about Real Estate Technology for agents.

I'd recommend speaking to a real estate attorney, and accountant so that you make sure you are covered - legally, and financially.

There may be better ways of transferring title if there are additional circumstances that may arise (i.e. are there potential heirs that may contest the "gift" if something happened to your parents).

And there may be a tax consequence.


I'm not an attorney. I'm not an accountant.

That being said...
One idea that pops in my head right off the bat would be:
Get an appraisal to establish a 3rd party value for the property. Then have your parents do a vendor's lien on the property when it is transferred to you. You get title, but execute a promissory note for the value of the property, and they hold a lien against the title.

Then have your parents "gift" you $11,000 each ($22,000) worth of reduction/credit on the promissory note each year until the value of the home is paid for in full.

This would essentially give you the home for "free" without eating a potentially huge tax consequence.

I've over simplified it - and it may not be appropriate for your area of the country (and there may be even better alternatives depending on your situation).

Again - get with a real estate attorney, and CPA - and talk to them before you do anything.

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Jennifer Karlen & Jon Karlen
Kentucky Horse Farms - Louisville Kentucky Real Estate - Lexington Kentucky Real Estate
Serving the Louisville KY metropolitan area including Jefferson County - Prospect Shelby County - Shelbyville Oldham County - Goshen, La Grange and the Lexington KY metropolitan area including Fayette County - Lexington Woodford County - Versailles Scott County - Georgetown Jessamine County - Nicholasville