Posted on: 17th Jan, 2007 07:19 pm
My mother wants to take her and my dad\'s name off of their home and put my name on the title but she also wants to put a lien aganst the house. What forms do we need and or who do we need to contact to do this? We really need to save as much moeny as possible in making this happen?
hi lpurquiaga,
welcome to the forums.
your mother and dad can take their names off the title and include yours by getting a grant deed prepared by an attorney. the grant deed ensures that they were the former legal owners of the property which is being transferred to you now.
now, if your mother wants to put a lien on the house, then she can use a quit claim deed which simply implies a transfer of property but does not mention who the legal owners are.
but i have a question here. what kind of lien is your mother thinking of placing on your house? if you can give me some information on this, may be i can give you some suggestions on this regard.
thanks,
sara
welcome to the forums.
your mother and dad can take their names off the title and include yours by getting a grant deed prepared by an attorney. the grant deed ensures that they were the former legal owners of the property which is being transferred to you now.
now, if your mother wants to put a lien on the house, then she can use a quit claim deed which simply implies a transfer of property but does not mention who the legal owners are.
but i have a question here. what kind of lien is your mother thinking of placing on your house? if you can give me some information on this, may be i can give you some suggestions on this regard.
thanks,
sara
Hi LPURQUIAGA,
A quit claim will not cost you much.You need to pay the recording fees for entering the deed into the public records at the county recorder's office. Then there is the fee for attorney who may prepare the deed for you. Finally the notary public need to be paid in return of his signature on the deed.
Thanks,
James.
A quit claim will not cost you much.You need to pay the recording fees for entering the deed into the public records at the county recorder's office. Then there is the fee for attorney who may prepare the deed for you. Finally the notary public need to be paid in return of his signature on the deed.
Thanks,
James.
How do my wife and myself go about adding my name to the Deed. So we both have equal rights to the property?
Rodney,
In some states, just by being married, you have 50% ownership in the home, so check with a local real estate atty to see if you live in a common law state.
To get your name on the deed your wife would beed to quit claim half of the ownership to you...you can get this form on line or at an Office Depot type of store. Just fill it out, take it and sign it in the presence of a notary, then take it to your local courthouse to Get the deed recorded. That's it!
kIM
In some states, just by being married, you have 50% ownership in the home, so check with a local real estate atty to see if you live in a common law state.
To get your name on the deed your wife would beed to quit claim half of the ownership to you...you can get this form on line or at an Office Depot type of store. Just fill it out, take it and sign it in the presence of a notary, then take it to your local courthouse to Get the deed recorded. That's it!
kIM
Hi Rodney,
Welcome to this forum.
Kim is absolutely right. If you stay in a common law state, then you will have 50% of the ownership after your marriage.
If your state is not a community state, your wife can sing a quitclaim deed and transfer 50% of share of the property to your name. Thus she can add your name on the deed and both of you will have equal rights to the property.
Feel free to ask the community if you have any further questions.
Thanks,
Larry
Welcome to this forum.
Kim is absolutely right. If you stay in a common law state, then you will have 50% of the ownership after your marriage.
If your state is not a community state, your wife can sing a quitclaim deed and transfer 50% of share of the property to your name. Thus she can add your name on the deed and both of you will have equal rights to the property.
Feel free to ask the community if you have any further questions.
Thanks,
Larry
To transfer ownership, your mother and father have to execute a Grant Deed transferring ownership of the property to you. You can easilty find forms for this on the internet. To create a lien, you must execute a Deed of Trust, where you are the trustor, she is the beneficiary, and some independent third party is the trustee. You can find these forms as well. Both forms should be filed ("recorded") in your county recorder's office where the property is located.
Taylor,
I agree there are forms available on the internet but how would one know which is more appropriate compared to the state he resides? Aren't forms for different states slightly different and the form of one state may not be approved by the other.
I agree there are forms available on the internet but how would one know which is more appropriate compared to the state he resides? Aren't forms for different states slightly different and the form of one state may not be approved by the other.
my mother is sick with cancer. she wants to give her house to me and my brother now while she is still alive. her cancer is in remission for now...but, she still has a mortgage on it. what kind of deed should we seek out? quickclaim, gift deed or what? this is all very confusing to us..we don't have the funds to seek out a real estate attorney at the present time. we live in texas..we are also trying to avoid inheritance taxes when she passes if all possible. neither one of us want to refinance the house at this time..because, her rate is very low than the rates offered now.
thank you very much for your time and consideration in this matter.
wayne
thank you very much for your time and consideration in this matter.
wayne
Hi Wayne,
Your mother should put you and your brothers name on the title of the property now with a surviorship deed. This way, the property transfers to you and your brother without having to go through probate. Also, you could run into problems if you are not on the mortgage. I would consider a refinance since rates are pretty good right now. A 30 year fixed rate mortgage is only 5.50%. Even if her rate is a little lower than this, it will be well worth doing this in advance. You will eventually have to take a new mortgage if you are going to keep the house down the road. Who knows what the rates will be at that time. There is a much greater chance of them going up than there is of them going down. I hope my advice helps makes this an easier process, and that your mother stays well.
Your mother should put you and your brothers name on the title of the property now with a surviorship deed. This way, the property transfers to you and your brother without having to go through probate. Also, you could run into problems if you are not on the mortgage. I would consider a refinance since rates are pretty good right now. A 30 year fixed rate mortgage is only 5.50%. Even if her rate is a little lower than this, it will be well worth doing this in advance. You will eventually have to take a new mortgage if you are going to keep the house down the road. Who knows what the rates will be at that time. There is a much greater chance of them going up than there is of them going down. I hope my advice helps makes this an easier process, and that your mother stays well.
My mother and dad own a house and lot on the lake.Several years ago my
dad past away and left everything to my mother. She is getting older and
wants to give me and my brother this property.What kind of deed should
we seek out? Quickclaim, Gift deed ,living trust, or what? This is very confusing, we are trying to avoid Inheritance Taxes, and Probate when she passes if possibile.
dad past away and left everything to my mother. She is getting older and
wants to give me and my brother this property.What kind of deed should
we seek out? Quickclaim, Gift deed ,living trust, or what? This is very confusing, we are trying to avoid Inheritance Taxes, and Probate when she passes if possibile.
Hi Thomas,
Welcome to the forum.
I think you should use a Lady bird deed to avoid horrors of probate. You will also need not to give any capital gain tax here but may need to give Capital Gains Taxes on Homesteads. 5.6. Inheritance Tax.
If you want to know more about Lady bird deed check out this discussion at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I think you should use a Lady bird deed to avoid horrors of probate. You will also need not to give any capital gain tax here but may need to give Capital Gains Taxes on Homesteads. 5.6. Inheritance Tax.
If you want to know more about Lady bird deed check out this discussion at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Feel free to ask if you have any further questions.
Best of luck,
Larry
Can you use a Lady Bird Deed in Tennessee?
All I can find in talking about Texas.
All I can find in talking about Texas.
Hi Thomas,
I too have not found anything that says you can use a quitclaim deed in the state of Tennessee. Hope some attorney will help you out in this regard.
Best of luck,
Larry
I too have not found anything that says you can use a quitclaim deed in the state of Tennessee. Hope some attorney will help you out in this regard.
Best of luck,
Larry
Florida, Texas, Ohio, California, Kansas are the states where the deed is applicable, perhaps not in Tennessee. can you give me some time, i have a friend who's an attorny, ill ask him then.
I just got married and we live in the state of california. I want to add my new wife to the home I currently own. How can I do this and will this effect my property taxes?