How do you transfer land from a parent to their child?

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How do you transfer land from a parent to their child?

Is it based on the value of the land? If so, how do you determine as equitable value of the land to ensure a recovery of the property if the parent requires long term care?

Asked on February 7, 2013 under Estate Planning, South Dakota

Answers:

Victor Waid / Law Office of Victor Waid

Answered 8 years ago | Contributor

Title to land can be transfered by grant deed from the parent to the child; it may be appropriate obtain a FHA appraisal to determine the value at the time of transfer. However, be warned if the transfer is to a minor child, then you cannot get the property back with out a court action in the probate court to protect the minor.


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