Can you sign over a deed to an adult grandchild if there are taxes owed on the property?
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Can you sign over a deed to an adult grandchild if there are taxes owed on the property?
Asked on January 11, 2012 under Real Estate Law, Tennessee
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you own real estate and wish to transfer ownership to it to your adult grandchild, you can do so by signing a grant deed, gift deed, or quitclaim deed in the name of your relative and record it in the county recorder's office where this property is located even if property taxes are still owed on it.
Before you do the transfer, I suggest that you consult with a real estate attorney as to possible tax ramifications for any gifting of your ownership interest in the subject property and possibly the transfer of ownership over time instead all at once.
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