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Property Transfer

Property Transfer

This is a discussion on Property Transfer within the Mortgage Problems and Solutions forums, part of the Mortgage and Loans Forum category; Hello,My divorced parents are giving me property to purchase a home. They are both still on the property and are ...

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02-07-2008, 02:24 PM

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Property Transfer

Hello,My divorced parents are giving me property to purchase a home. They are both still on the property and are signing a quit claim deed. The property was purchased for around 10k. I am hoping to sell it right away for 35-40k. 1. Do my parents split the value of the gift? 2. Is the value of the gift determined by the selling price of the property or do we need an appraisal? We live in Michigan and the property is in Tennessee.

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