how much does it cost to transfer ownership of a houese to another person?

Layer-visible-off
0
Unfavorites
0

there is no mortgage..house 1. is paid for


0

The immediate cost would be only the cost of recording a new deed or transfer in your state or county (call your local registry). In many places, this is a few hundred dollars or less.

BUT … VERY important to consider:

(the original poster has no mortgage, but for all other readers)

If the house has a mortgage on it, you may not be able to transfer it without first paying off the mortgage. Many mortgages cannot be transferred from one person to another; they do not simply “go” with the house. If you transfer the house without paying off the mortgage, you may be breaching your contract and may cause the lender to accelerate the loan (make you pay it off in full in 30 days). You may want to call any lender involved and ask if your loan can be “assumed” by another person, provided they take ownership of the home. If not, the new owner would need a new mortgage in order to pay yours off – and may incur a lot more than just the transfer costs.

ALSO – it is very important that both parties speak to their tax professional and make sure there are no tax consequences for transferring the home (or selling for a very small amount, like a dollar). Depending upon the owners' circumstances, there may be vast unintended tax consequences resulting from transferring a house from one to another.

Speak also to an estate planner, especially if the transfer is designed to protect the assets of someone that is aging.

updated 6 months ago
Kelcey Morange
82 2
Answered 6 months ago
Kelcey Morange
82 2

You Must Be Logged In To Answer