How to Transfer Land in Minnesota to Your Daughter
- 1). Decide the method of transfer. There are many ways to transfer land to your daughter in Minnesota. You can sell her the land for a nominal amount, like $100. This may avoid gift taxes, depending on the value of the land. You can file a quitclaim deed, which transfers the property without sale.
There are also probate options. A life estate grants your daughter use and possession of the property now and full ownership upon your death. Minnesota also offers a Transfer Upon Death option, which is a type of trust. You can also leave land to anyone in your will. Your attorney can advise which is best for your tax situation. - 2). Execute paperwork. If you choose to sell your daughter the land, you both must execute a purchase-sale agreement. Quitclaim deeds do not require contracts, but probate paperwork may be extensive. Probate options do not require much of your daughter right now, but they may involve her heavily after you pass. Your attorney will draw up the paperwork. Read everything and ask if you don't understand something. Once you are satisfied, sign. A notary witnesses the signatures of the papers.
- 3). File deeds and other legal documents. In Minnesota, real estate paperwork is filed in the office of the county recorder. Make copies of all relevant paperwork to keep for your records. You or your attorney bring the original signed and notarized documents to the recorder and pay any document stamps or filing fees, which vary by county and land transferred. Keep your receipts for these payments.
If you transfer the land by probate, your attorney will file documents with the probate court upon your death and on behalf of your daughter so that she gains full ownership.
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