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Family transfer

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Family transfer - Cubelaw

Family Transfer

What is Family Transfer?

The term “Family Transfer” refers to the process of transferring ownership of an asset, in this case Real Property, between the members of the same family. Alternatively, the transfer can be made to a trust solely for the benefit of the Owner and/or their immediate Family. Ownership may also be transferred to a partnership or a limited liability company, as long as the partners or shareholders are restricted to the Owner and their Immediate Family, and they all comply with the agreement’s terms. For clarification, “Immediate Family” usually includes the spouse, children, grandchildren, adopted children, stepchildren, and grandchildren.

Why do you need it?

Transferring real estate to a family member can be motivated by several reasons, such as making a spouse a joint owner of a property that was previously owned by one partner, or a parent gifting part or all of a property to their child. It is crucial that family members involved in the transfer execute a written agreement that unambiguously delineates the transfer’s terms. If the real estate is gifted to a family member, a Deed of Gift is required to serve as proof of the gift.

Frequently Asked Questions

A family transfer involves transferring property ownership within a family, which can be crucial for estate planning, gifting, or restructuring ownership.

We assist in drafting and reviewing transfer agreements, ensuring compliance with legal standards, and managing the documentation process.

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