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What is the best way to transfer ownership of real property to our son?

The property is worth about $250,000 and the loan is about $125,000. Our son currently lives in the property while he was in college. He now has graduated, obtained a full time job and would like to buy the property from us.

Public Comments

1. Do your Will.
2. How much is left on the loan? If he wants to buy the property from you, he must obtain a loan and go about it the regular way. If however, you wish to continue making the mortgage payments but put the property in his name, all that is required is a deed transfer. The best way to do it in my opinion is to have him get it the old fashioned way. By getting a loan.
3. You know, if you're giving property away... I'll be your daughter :)
4. A real estate attorney should be able to help you with a land contract and to file a quit claim deed.
5. just go ahead and sell it to him thats if your the owner that is.but if its paid off then go to the mortgage company and have them have him do the rest of the paperwork in his name . but make sure your son pays you off the rest of the amount which he still owes you but the company has to make sure he pays everytihng off.