How do I go about giving my house to my children?

Transferring property ownership to your children conjures up images of a legal nightmare filled with endless paperwork and unnecessary stress. Many people lack general knowledge of property rights and are intimidated by the legalities of transferring property ownership. If you find yourself stuck, unsure of how to go about giving your house to your children, here are a few ways to ease the process.

Discuss the Transfer With Your Children

Schedule a meeting with your children and discuss your wishes to transfer the property rights. Be certain that you spell out what property is being transferred and how the ownership of the house will be divided. Tell your children your wishes for who will take care of what if the house is to be divided. Allow your children to ask you any question about the property transfer, and answer any concerns they might have. During your discussion, write down your wishes for the transfer. Transcribe your wishes into a Word document, and print copies for your children so there is no ambiguity over what your wishes are.

Initiate the Transfer of Property

It's best to initially consult with a property lawyer to discuss your wishes and receive guidance on how to proceed with the transfer of property. The lawyer will help you draw up a deed that outlines the transfer of property. Transfer of property can occur legally and as easily as asking the other person to accept the deed. If the other person accepts the deed, then a legal exchange of property right has occurred. Have your children sign the deed to make the property transfer official.

Finalize the Transfer of Property

While legally the transfer has taken place and your children will be the new owners, to avoid legal disputes in the future over the ownership of the property you should make the deed public record. Take the deed to your county's recorder's office and submit it for public record. Upon submission, the recorder will file the deed. A notice of property change may be published in official records or newspapers up to months later, but publication does not determine the transfer of the property rights. Your children will be recognized as owners of the property once the deed is signed and submitted.

Source:

Mortgage News Daily: Transfer Ownership of a HouseTo Another Person or Spouse

Escrow Help: Must I Record My Deed?