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gifted property and next steps  RSS feed

 
Posts: 118
Location: PNW
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I've been lurking here for several years and have greatly enjoyed all the humor and wisdom and different views.  I have learned so much while I've saved and prepared and dreamed about someday.

Someday seems to be nearly here.  I'm in the process of being gifted some property (parent).  We are DIY people so I did a bunch of reading and the consensus was that the easiest way to transfer property this way is with a quit claim deed.  I've always been a renter.  How do I know that it worked and verify that I'm the new property owner?

It is several acres with a mobile home that is falling apart and not salvageable long-term.  I plan to build a tiny house on it when I'm able to live there full-time.  I am saving so I can pay cash for that.  I live several hours away from the property so I'm asking for suggestions on how to maintain and build it in a low-key way for a few years while I continue to save and prepare for a move there.  It is my childhood home so I love the place and plan to visit monthly or so even if the house falls apart and I need to sleep in my car.  There are already some fruit trees and I plan to plant more along with berries and get some soil buildup going over the next few years (it tends to clay).  Excited to try a couple hugelkulturs and a compost toilet.

It has a spring water system and septic.  Will these systems be okay without constant use?

My sister expressed concern about squatters/looters and now that's another fear.  Has anyone experienced that?  Any suggestions on preventing it in this situation?

Sonja
 
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Sonja Draven wrote:I.  How do I know that it worked and verify that I'm the new property owner? 



You take the signed deed to your County Clerk's office.  They can tell you if it is a good deed and they will file it and charge you a fee.  After it is filed they will send you a copy.

Congratulations and welcome!
 
Sonja Draven
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Location: PNW
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So once I get the copy in the mail, that's proof it's mine?  (This reminds me of when I got divorced and it was so anti-climactic.  The judge never said divorce and just signed the paper.  I didn't believe it until I got a paper in the mail that it was official and even then I worried sometimes.)

Thanks for the congrats and welcome!  It's nice to be here.
 
Posts: 571
Location: Bendigo , Australia
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Start with a shipping container to lock your good items in.

Why would squatters and looters be an issue?
Is it near a main road?
 
Sonja Draven
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It has never occurred to me that it would be okay to move uninvited into someone else's house/property and live there and I don't know what someone who thinks that way would find attractive.  But your question implies that close to a main road would be a factor so that's a relief.  It's not super close.  I will also look into shipping containers, thanks!
 
John C Daley
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A shipping container with an extra lock box is a perfect place to store tools etc.
I have used them as a base camp on a new build.
Just some racking inside to keep the floor clear, some hooks for hanging things, even a cover roof to catch water for drinking, washing and cooking.
Your tank should be elevated so that you can draw water easily from it.
No windows, no weak points. A small veranda as part of the roof to sit and cook under perhaps.
Its very simple I can help you design and create a materials list.
Good luck.
 
Anne Miller
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Sonja Draven wrote:So once I get the copy in the mail, that's proof it's mine?  .



I have done several deeds that way and never had a problem.  Your County Clerks office is the best place to ask questions

As far as I know they will not file the deed if there is a question.

I don't think you will have a problem since your parents are giving you the deed.  When you get your tax notice you will definitely know it is a done deal.
 
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Location: Middle Tennessee
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I agree with Anne about the country clerks office. They'll have all the answers. Your parents I think ought to be able to transfer the deed to your name. I imagine the details of such a transaction may vary somewhat from state to state. It may be necessary to have to hire a title attorney to do some paperwork, but again the county clerks office ought to be able to answer this question for you. You'll be responsible for property taxes and county clerks office fees. One more thing to look into just to be on the safe side, check and make sure you don't have to pay capital gains taxes on the value of this land being given to you. Parents are allowed to give money/assets to children and those children don't have to pay taxes on it up to a point. If it's a lot of money or worth a lot, taxes do have to be paid. I suggest just looking into this so the IRS doesn't send you a love letter in the mail some years down the road claiming you didn't pay capital gains taxes.
 
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James concerns over capital gains taxes on a gift property is good advice. One old adage is it is better to inherit than be given property. When we were taking over responsibility on the family farm property we consulted an attorney who suggested that my mother add us to the deed as “tenants of the entirety” that means we owned the whole property with my mom as opposed to a division of some percentage (tenancy in common). One drawback to that approach is that if the property is to be sold, or encumbered by a mortgage, all parties would need to agree. Other possible issues with a gift transfer is when the giver relies on government funds and passes away the government may try to recoup by taking assets, even assets that have been given away within a “look back” period.

Some due diligence early on can save a lot of problems later.
 
Sonja Draven
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Thanks all so much for the tips/advice about the tax portion!  I should receive the tax bill in a few months which I will be oddly happy about - this first year at least.  :)

I did a lot of research and in our area because of the value of the property (it is about $90k) it is well below the amount parents can gift without taxes.  My dad will have a form to complete when he does his taxes next year.  If I sold it, I would be responsible for gains taxes.  My mom died last year and my dad is tired of caring for it and has enough income coming in from pension/etc. that he doesn't need to sell it and it will be kept in the family this way.  And I'm excited about caring for it and am looking forward to moving to a small town so it's a good fit for me.

John, thanks so much for the offer and I might take you up on it.  I'm not in a position (for various reasons) to do any building right now so I will probably focus on seeing if I can modify any of the sheds/buildings on site to make them secure enough to decrease any worries.  I am not positive what all is there and will be visiting next month to get a better idea (so I could change my mind some on priorities.)  I know I will need to empty a lot of "stuff" accumulation from their many years there.  I plan on giving a chunk of the tools/items to siblings that I know will be appreciated and used soon, and keep the ones I know I will need and have used already.  Share the wealth, and less to stress about owning me!
 
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