Straw deed
Alright kiddo, so a straw deed is like when you pretend to give someone your toy and then they pretend to give it back to you.
It's kind of like that with land or a house. Let's say your mom owns a house but she wants to give it to your dad. Instead of just giving it to him directly, they might use a straw deed.
So they'll pretend to sell the house to someone else, like Aunt Sally, but really Aunt Sally is just pretending to buy it. Then, Aunt Sally will turn around and pretend to sell it back to your dad.
This way, your mom and dad can avoid some legal or tax issues that might come up if they just gave the house to your dad directly.
It's kind of like a game of pretend but with big, important stuff.
It's kind of like that with land or a house. Let's say your mom owns a house but she wants to give it to your dad. Instead of just giving it to him directly, they might use a straw deed.
So they'll pretend to sell the house to someone else, like Aunt Sally, but really Aunt Sally is just pretending to buy it. Then, Aunt Sally will turn around and pretend to sell it back to your dad.
This way, your mom and dad can avoid some legal or tax issues that might come up if they just gave the house to your dad directly.
It's kind of like a game of pretend but with big, important stuff.
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