Q: Property Transfer within the family Help Please, Do we need to get the title company involved?
Basically, my dad bought a building in 2015 under his company name and he's willing to remove himself from the company and give it to me and my mother.
I guess we need to draw come up with property transfer agreement and re-file PA article of the corporation to remove him from the company? Also, do we have to get the title company involved? Since this isn't an actual transaction more like shareholders issue within the company.
The building is seller finance the bank isn't related to this issue, there are 4 more years left till the build is pay off.
A: Thank you for the telephone call, please discuss this with your accountant. You can amend your corporate filings to reflect the change in ownership. You will also need to let your bank and insurance agent know about this change. Good luck.
A: From your question, it sounds like this will be a transfer of a business interest, not a real estate transfer. However, you need to involve a lawyer to handle this for you.
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