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How to transfer to a child after buying a house in the United States?
Pay attention to 4 aspects A US real estate property name change basic knowledge Renaming US property rights, including adding a name or removing a name, during the process: Signature of the owner of the previous deed is required. The law stipulates that the co-owner of the house owns a certain percentage of each part of the real estate that he deserves. If the house shares 50% of the rights, one of them cannot sell half of the house. He can only transfer 50% of the rights to the real property to others. Whether the right to transfer is valid requires the contents of the legal documents originally signed, including: certificates of transfer of ownership, forms registered with the Lands Bureau, and other tax issues. If not all of the owners sign, the transfer is not completely invalid, but needs to be determined on a case-by-case basis.
2. Paid transfer and free transfer in US real estate property rights
First type of paid transfer
The two parties to the transaction hire a broker and sign it at the time of transfer, basically by a lawyer, so there will not be too many disputes and problems.
When the transfer price is too cheap, for example, if the aunt sells a house worth 1 million yuan to the donkey at a price of 100,000, the following questions will be involved:
1 US title insurance calculates claims based on property prices
After the transfer, the property needs to re-purchase insurance. If it is a 100,000 property, the insurance can only be calculated according to 100,000.
2 US real estate related taxes and fees
Transaction tax: When buying a house, the seller pays the transaction tax. The transaction tax is calculated based on the transaction price of the house. Therefore, when the house price is low, the transaction tax can be saved a lot.
Capital gains tax
The second type of free transfer:
Need to go to the law firm 2 times:
The first time: with his valid ID and social security number, let the lawyer prepare the deed to give legal documents
The second time: the donor signs the document on the deed, and then the two parties sign the transaction tax form.
Complete the gift process
The costs incurred are much lower than the transfer fees for housing transactions.
There is no transaction tax.
The property has no transactions and cannot purchase title insurance. Once the property rights have problems, it can only compensate the original owner.
The capital gains tax is calculated from the price of the original homeowner’s purchase date.
3. The transfer of property rights in different types of property in the United States
When a US loan is used to buy a house, although the owner of the house is the name of the buyer, the ownership of the house remains with the bank until the house loan has not been paid off. But the owner of the house can still transfer ownership.
1 Condominium (Condo)
The homeowner owns a suite in the building.
Since most apartments have a management office, if you want to add or lose your name, you will need to go through the building management office's consent (most will agree).
2 Co-op (Coop)
The buyers own the shares of the building.
Just because it is a whole building, it is not easy to change the name. In the process of renaming, it is usually subject to strict review, including: legal status, qualified credit report, job type, income stability and family members. Wait.
4. Legal disputes arising from the free transfer of US property rights
1 Seniors transfer property
Apply for government benefits, and in some cases, you can apply immediately after you transfer your property.
If an elderly person must give the property to the child, a clause can be written in the deed, that is, although the old man transfers the property to the child, the old man has the right to live in the property.
If the property is the only property owned by the elderly and the elderly have no income or deposit, then you can apply for medicaid.
2 Temporary transfer of arrears
Some people temporarily transfer their property to others because they have arrears, but there is no way to purchase title insurance for free transfer. The indemnity of the insurance is still the original owner. Therefore, once the original owner has arrears, the arrears will follow the house in addition to following the person. If the gifted party sells the house, it still has to repay the arrears, otherwise the property rights of the property are also problematic.
3 Transfer your personal property to your company name Nowadays, many people choose to transfer their personal property to their own company name. In fact, they transfer themselves to themselves, but it is necessary to note that the holder of this property must be consistent with the company owner. If the property is owned by two couples, then the company must also be under the name of the couple, and the share must be the same. If it changes, it involves the transfer of taxes, because such transfers do not require a transfer tax.