Transferring property into my name

[8mpg]

Just wondering if you guys can help out. My parents bought a piece of land for me in their name (I was out of the country). It was a deal I found right before I left the country for 6 weeks. Now Im trying to get the title into my name. I can prove I have make 100% of the payments and my parents were merely there to sign the paperwork. Hind sight is I should have done a power of attorney but live and learn. Does anyone know how to go about switching it to my name? It still has a lien on it and the bank says swapping the loan into my name is no big deal.

Im assuming I need a real estate lawyer. Anyone know one in the DFW area (the land is in Tarrant County)

Thanks
Tim

[denowt]

Why not have your parents either gift it to you or sell it to you for $1?

[clay4626]

Yep have them do a gift deed to you

[8mpg]

I was afraid of the gifting tax problems. I just read though, there is a $5.45M gift tax exemption. There is no way my parents will leave me that kind of money (and I hope they don't...they need to spend their money)

I think I owe $45k on it or so. So theoretically if the parents give my wife and I the land for what is owed, I believe we wont even have to file a gift tax form because its less than $14k per person ($14k x4)

Well...now Im reading I might not be able to do the gift thing. The IRS wants "fair market value". We paid $92k two years ago and this year just got hit with a nonsense $470k evaluation by the county for property tax. This is why we need to have it transferred so I can sell the thing. Im not paying $12k a year in taxes.

[buzzbait]

Who's name is the loan in? If it is in their name, just do an assumption deed. Naming you as the buyer and with you and your financial institution

[8mpg]

Loan is in both of our names... signer (parents) cosigner (me). I will look into the assumption deed. I appreciate it.

[Kmart49]

Why not have your parents either gift it to you or sell it to you for $1?

"Fair market value" keeps you from being able to do this unfortunately.

[Grayson]

"Fair market value" keeps you from being able to do this unfortunately.

And the bank's lien. It sounds like the bank is willing to allow you to assume the note and release your parents. Pretty simple process.

[Atfulldraw]

.

[slickfish]

Back date the power of attorney letter an lie thru your teeth. Refinance thru another lender if the current one won't help you. There's multiple ways of dealing with this situation. Leave it your parents name if it's not hurting anyone just have them will it to you.

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[JayB]

The proper thing to do is have sign a deed giving their 1/2 interest to you. You say the note is in both names...how if you were not here?

[TimA]

Have your parents file a quit claim....if that is still a valid option.

[HoustonHunter]

Back date the power of attorney letter an lie thru your teeth.

A POA has to be signed by a notary so you're asking everyone involved to commit fraud.

Not advisable. Contact a local real estate attorney for the best advice. I'd be careful in following some of this stuff .

[Grayson]

A POA has to be signed by a notary so you're asking everyone involved to commit fraud.

Not advisable. Contact a local real estate attorney for the best advice. I'd be careful in following some of this stuff .

The "advice" given on here sometimes is really quite incredible.

[M16]

Seriously! If you internet lawyers (not the real ones) don't shape up and get your stuff straight I'm gonna stop coming to the green screen for my legal advise. Consulting an attorney to have this done legally will be cheaper and far less painful than consulting a criminal defense attorney.