Updated over 8 years ago on . Most recent reply
philadelphia deed transfer from father to son
my father and mother own two row homes in north philadelphia. our family business has been housed in these homes since they were purchased over 35 years ago. my brother and myself are now part owners of the corporation.
the corporation does not own the real estate. my parents do personally. the row homes are assessed for 140k each. there is no mortgage on the properties.
my parents want to get the properties out of their name. they wish to deed them to my brother and myself. my brother will take one home and i will take the other home.
in this situation, would a quit claim deed be best? is that something that can be done by ourselves or should we consult a title company to draft the papers? is there any way around the 4% transfer tax? philadephiaa charges a 4% transfer tax on the sale of the home or the assessed value. technically the homes will not be sold but i really dont want to incur charges of 8-10k just to transfer the properties.
thoughts?