transfer of real estate in NJ
This is a discussion on transfer of real estate in NJ within the Wills, Trusts, Estates forum, part of the FAMILY LAW, DIVORCE, CUSTODY category; I am looking to transfer the ownership of a residential property in NJ with no outstanding mortgage, but do not ...
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#1 |
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I am looking to transfer the ownership of a residential property in NJ with no outstanding mortgage, but do not want to initiate a tax event. What is the best way to accomplish this in the state of NJ? Quit Claim Deed, Trust, etc...????
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#2 |
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There are many options but we normally recommend you have a brief meeting with a reputable financial planner first--then all options including trusts, gifts etc. can be carefully reviewed by you depending on your individual circumstances--options do vary widely depending on the details in this area of planning.
Trusts are often the easiest and least expensive. Quitclaims can trigger taxable events so you must have tax pros involved. |
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#3 |
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Correct. Leaving the property in a Living Trust is the best way to go. Joint Tenancy is another way but there will still be SOME form of transfer tax that accompanies any new deed that is drawn up.
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| Thread | Thread Starter | Forum | Replies | Last Post |
| Real Estate | fricko | Buying & Selling Property | 1 | Oct 1st, 2009 10:43 AM |
| Real Estate | andreson2304 | Buying & Selling Property | 2 | Apr 22nd, 2009 02:44 AM |
| real estate signatures | suzanne | Buying & Selling Property | 0 | Oct 26th, 2008 09:53 AM |
| Real Estate Inheritance | Gemini913 | Buying & Selling Property | 1 | Jul 7th, 2008 09:55 AM |
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