Transfer Home to a Family Member

Most commonly, this is done by recording a “Quit Claim” deed, in which legal title is changed from one party to the next. Often the “price” this exchange is something nominal, like one dollar or ten dollars. This is fairly easy to do through a title company or local attorney, and the recording charges at the registry of deeds should be easy to determine beforehand.

It is advisable that you check first with your tax preparers – there may be advantages to doing this in a less conventional way, waiting out the tax year, or to marking the property with a higher “price”, depending on the financials of both parties. Not taking the time to check this may cost you THOUSANDS – make sure you have the accountant's go-ahead first.