Gifting Property / Transferring Ownership

[Anna Dube]

Hi!

I'm interesting in learning how a property can be gifted or transferred.  I'm assuming I'll need to speak with an estate attorney so I also welcome any recommendations for one in Washington state or Texas. My parents own a secondary residence in Bellevue, WA.  They no longer have a need for the property but I am interested in adding it to my portfolio of rental properties.  The property is worth $400k and they currently owe $175k.  I've checked that there are no penalties for paying off the loan early.  I'm thinking about paying off the loan and then working to get it transferred into my name.  Any suggestions on how I can do this?  My sister and I will eventually inherit all of their property so I'm wondering if there is a way to gift the current equity.

Thank you in advance for any advice or recommendations.

Anna