Can my Mom gift me her property so I can get a HELOC on it?

[Telvi]

Hello Realestate guru's

I think this is a good question for Ya..
My mom is ill, she wants to give our house in Santo Domingo to me and my brother before she passes so that we can pull money out of the home without selling. She is too ill to travel to DR and do it herself so she wants to gift us the property so we can finance it and pull money out. The house is paid off. Is there such a thing in DR?

[J D Sauser]

Originally Posted by Telvi

Hello Realestate guru's

I think this is a good question for Ya..
My mom is ill, she wants to give our house in Santo Domingo to me and my brother before she passes so that we can pull money out of the home without selling. She is too ill to travel to DR and do it herself so she wants to gift us the property so we can finance it and pull money out. The house is paid off. Is there such a thing in DR?

Not that it would be my business, but I think this question stands a better chance of being answered by those who really know on the Legal-Forum.
From what I understand, I seem to believe that you have liberty of contract here. So, maybe she could sell it to you for 1 chele... but probably there would still be transaction taxes to be paid on the appraisal value (?).

... J-D.

[Telvi]

Thanks JD... good idea 1 chele i didnt think about that, i don't mind having to pay taxes or whatever. I just want to make sure my family keeps the house. I'll repost in the legal section. Gracias.

[chola1978]

You can inherit the property also but will need to pay some taxes. Most big commercial banks will help out with this process. Buena Suerte