Posted on: 27th Sep, 2010 02:13 pm
I recently purchased a home in Benicia, CA that my daughter & her husband will move into fairly soon, then purchase outright within the next two or three years. To take advantage of some of the rebates currently available (e.g., furnace) the property needs to be owner occupied. Can the kids "buy in" at a low percentage of the ownership (say 5%) and qualify for the credits? And how do you go about making the change legal and official so my wife & I retain the remaining 95% ownership and the kids become legitimate part owners.
Hi Guest!
Welcome to forums!
You can add your daughter and her husband to the property with the help of a quitclaim deed. This will make them part owner of the property. You can contact a real estate attorney and he will help you in drafting the deed so that your kids gets 5% ownership of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can add your daughter and her husband to the property with the help of a quitclaim deed. This will make them part owner of the property. You can contact a real estate attorney and he will help you in drafting the deed so that your kids gets 5% ownership of the property.
Feel free to ask if you've further queries.
Sussane
Thanks, Sussane. I read a bunch more about quitclaim deeds after I posted and was guessing that would be part of the answer. Good to have your confirmation; now, off to find a good real estate atty.