Transferring Property Ownership

I own property in another state (NJ) in which my parents live in the home. They pay the mortgage and any other associated bills. My parents wish to sell and move, so we got a realtor, but the realtor stated that I should sign the house over to them, that it would be better for me come tax time. Being that my parents are in their late sixty and seventies, they would not have to pay exuberant tax fees for selling the property, and it would allow them to take charge of the selling process, not needing my signature for everything. Anyway we paid $300 to a lawyer to transfer the deed to them, of course selling the property to them for a very minute price. Well the house hadn’t sold yet and we had problems with the realtor, which we then wondered if we were tricked into cutting me out of the selling process so the realtor could be able to deal specifically with my parents who were getting rather old in keeping up with their dealings. My question is; if the property loan with the bank is still in my name, but the deed is in their name, how do we file our taxes? Some documents come in my name and some in theirs. Am I still the sole owner of the house? Is the transfer of the deed just a power-of-attorney, empowering them to sign legal documents only? Would this act be considered a living will that should something happen to me the house would be legally theirs? This whole ordeal has puzzled us as to ownership and tax submission, please help. Your advice would be greatly appreciated.

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Submitted 152 days ago...

tomturkey

Brain (2,691)

Well this is a little confusing. Usally their is know deed in your name as long as you have a loan on a house. Until it is paid for it is not yours so you cannot just sign it over to your parents. You could sell the house to your parents not for less than you owe on it. It would of had to go though a title company. So in answer to your question you are the one whi is buying the house and as long as your making the payments it is still yours. I donot know what this realtor did but it sounds fishy. You should never of signed anything without consulting an attorney. You need to call the bank where you finaced the home and tell then what is going on and they will tell you if what you did was legal or not. I am sure you will be told that you are to make the paymenst and the deed will be in your name when the house is paid off. If you sell it then you would need to put it up for sale with an asking price,when sold you will then be taken off the loan,hope this helps

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