You would have to execute a deed transferring title to your children. You should note, however, that doing so will most likely mean you have to file a federal gift tax return if the value of the home is over $13k per child. You should also know that if a child gets divorced or sued, the home may be subject to claims of creditors or the divorcing spouse.
Regards,
Daniel K. Hicks, Attorney
Ingersoll & Hicks, PLLC
336-794-2278
Answered on May 30th, 2012 at 3:52 PM