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Buying or Selling a Home/Sale of manufactured home to my daughter for $1

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Expert: - 4/7/2009


Question
I recently paid off a loan on a manufactured home that I purchased for my daughter and grandchildren who live in Virginia.  (I live in Texas)  She did not qualify for a loan due to bad credit but she was making the payments until recently when the economy went sour. I do have a title.  Question 1) Can I sell it to her for $1?  Question 2) What kind of paper work is required?  Thanks for taking the time to help out.......Chuck

Answer
Hey, Chuck.

I can't state specifically for either Texas or Virginia, but generally you don't even have to sell it to her. You can give it to her via a quitclaim deed, which assigns all your rights in the property to her. They are very easy to do; an attorney can do it for you very easily and shouldn't charge much to do it since it is so easy.

If you sell it to her, you generally have to do a more formal transfer of title, but either way, you should have any problem with either process.

Some states also have special rules for transfer of title between relatives that you might be able to take advantage of.

Most attorneys provide a 30- or 60-minute free consultation, so get with a good real estate attorney -- one in Virginia would be best since that's where the property is located -- who knows the best way to transfer title in Virginia and to make sure you have all bases covered for you and your daughter's living and financial situations.

Hope that helps.

Russel

Buying or Selling a Home

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Russel Ray

Expertise

Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run. I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more. I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.

Experience

Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.

Organizations
National Association of Certified Home Inspector, Better Business Bureau of San Diego

Education/Credentials
Graduate of Texas A&M University; College Station, Texas

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