What is needed to transfer a family home?
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What is needed to transfer a family home?
My parents both died leaving their home to 9 family members on a transfer on death; the value of home is only $65,000. The real estate closing company says they will need all 9 people’s SSN’s to run a check on each one to see if there are any outstanding debt collection owed and the sale must be reported to the IRS. Is this true? Nothing they owned is going through probate.
Asked on September 10, 2012 under Estate Planning, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I suggest that you consult with a real estate attorney who has experience in Wills and trust matters about the situation that you are writing about. If your parents died leaving their home to nine (9) family members on some transfer on death document, the transfer on death document is a "gift" and not a sale of an asset needing to be reported for tax purposes with the Internal Revenue Service.
Something sounds wrong with the way things are supposedly being handled by the real estate closing company. I see no reason why social security numbers are needed for a person who was given the property mentioned to receive title to it. I suggest speaking with a real estate attorney would be a good thing to do with respect to this matter before proceeding further.
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