Posted on: 27th Dec, 2006 05:09 pm
My mother is 95 and I already have a quick clam deed ,witnessed,and a notory has signed it. Not registered yet. Question is can I add to this deed giving my mother life lease to property.Would this be a advantage to me on property taxes.This will be my homestead thank you
I am afraid that won't provide you much of a benefit from the property tax point of view.
Instead of a life lease a joint tenancy can be created between you and your mother by which the other person gets the property rights if something happens to the other joint tenant.
Instead of a life lease a joint tenancy can be created between you and your mother by which the other person gets the property rights if something happens to the other joint tenant.
i would like to add that creation of the life estate at the time the property is transferred by a quit claim deed is possible.
but by creating such a life estate you will have to figure out whether any applicable gift taxes will have to be paid or not.
neil
but by creating such a life estate you will have to figure out whether any applicable gift taxes will have to be paid or not.
neil
Hi geopdyke,
Welcome to the forums.
There is no such advantage regarding property taxes if you add your name to the deed.
In general, if a person (who is not the grantor's spouse or child) is added to the title through quit claim, the grantor's property taxes may increase.
Under the existing law, the tax assessor has the right to adjust the value of the grantor's property and increase the property taxes whenever there is a change of ownership of the property.
Thanks,
Sara
Welcome to the forums.
There is no such advantage regarding property taxes if you add your name to the deed.
In general, if a person (who is not the grantor's spouse or child) is added to the title through quit claim, the grantor's property taxes may increase.
Under the existing law, the tax assessor has the right to adjust the value of the grantor's property and increase the property taxes whenever there is a change of ownership of the property.
Thanks,
Sara
what is a quick clam deed
Hi marc.whitaker!
A quitclaim deed is a legal document which will help the grantor to transfer the property in the name of the grantee. Mainly used in case of gift transfers, it is also used to add or remove the name of the spouse. To know more about quit claim deed, check out the information available here.
Thanks,
Jerry
A quitclaim deed is a legal document which will help the grantor to transfer the property in the name of the grantee. Mainly used in case of gift transfers, it is also used to add or remove the name of the spouse. To know more about quit claim deed, check out the information available here.
Thanks,
Jerry