Ready to transfer property to a loved one? Be careful that you do it right, or you may have to clean it up later, costing your loved ones unnecessary time and money. Selling to the highest bidder? Make sure you have the right documents or you could end up losing the property and the money.
Transferring property in Louisiana typically requires paperwork, but don’t worry, we have the tools for the job. Field Law has experience in transferring, partitioning, selling and donating the following property for our clients:
- Land and Real Estate
- Automobiles and Trailers
- Boats and Motors
- Mineral and Oil Interests
Affordable Fixed Pricing
Field Law charges an affordable fixed price for Property Transfers. We recommend you talk to three lawyers before hiring someone to handle a Property Transfer. Field Law should be one of them. Here’s why:
- We start with a convenient no-obligation Free Attorney Consultation, either in person or on the phone.
- We focus on Estate Planning, including Property Transfers, so you know you are getting our full attention.
- Our Property Transfers are customized to fit your situation – no two documents are alike.
- We keep copies of your documents so can always stop-by to get another one – free of charge.
- You never pay extra for asking question at Field Law – like with typical hourly billing at other firms.
- We work hard to streamline the process to avoid unnecessary fees and costs.
In Lousiana we call land and real estate immovable property. There are strict rules to transferring title to immovable property and you need an attorney to assist you. At Field Law, we have helped people transfer, divide, sell and donate property across the state. Acts transferring sale of immovable property must be recorded with the Clerk of Court. Louisiana has strict requirements on the form and content of transfer documents, which have been changed by recent developments in the law. So make sure you have the proper paperwork to avoid wasting time and money.
Every other type of property is called movable. This includes cars, boats, and even umbrellas. Transferring ownership of titled movables require specific forms and procedures to make sure everything is done right. The Office of Motor Vehicles (OMV) issues titles for cars, trucks, trailers, off-road vehicles, and even tractors. While The Department of Wildlife and Fisheries issues titles for boats that are not Coast Guard registered. Titles provide an important function in determining who owns a movable and if any liens are in place.
Acts of Cash Sale and Bills of Sale
When you are selling property or purchasing property for money, you need to use an Act of Cash Sale or Bill of Sale to properly transfer the property. Not all Bills of Sale are the same. Louisiana law requires in most cases that both the Seller and Buyer have his or her signature notarized. Sometimes, as in the case of immovables, two witnesses are also required. Writing out a Bill of Sale yourself is not worth it and will cost you more time and money in the long run to fix.
Acts of Donation
When you are giving someone property or receiving property for no consideration (nothing in exchange), you need to use an Act of Donation to transfer the property. Acts of Donation require both the Donor and Donee to have his or her signature notarized and witnessed. All the other important legal formalities must also be followed, such as proper appearance and venue clauses. In Louisiana, you do not sell property to someone for $10 and other valuable consideration, you donate it to them, so be sure your paperwork is correct or you may have an invalid contract.
When you trade property with someone else, you need to perform an Exchange. People often trade properties, most often for tax purposes. When you exchange movable property, only the difference in value is taxable to the person receiving the more valuable property. When you are exchanging land, you don’t have to swap two pieces between the same owners, the IRS allows you to take your proceeds and reinvest them in another property and avoid capital gains. You should talk to a qualified tax advisor to learn more about the important functions of the Exchange.
When you need to divide up property that is owned by multiple owners, the process is called Partition. Partitions can be done when all parties agree or through a Court process when they do not. Partitions can mean that the property is split into equal portions or mean that the property must be sold because it cannot be divided into equal portions. Co-owned property often falls into disrepair or neglect because some owners do not wish to put in their fair share of the expenses or work. This leaves the other owners no choice but to seek to partition the property so they can benefit from their investment.