Posted on: 25th Aug, 2010 10:52 am
My husband and I our moving to a new house and want to sell our old house to our daughter and son-inlaw. The house is paid for except we have a home equity line of credit on our house, which we want to continue making payments. Do we just add their names to the deed via a quitclaim deed? Would they be able to file a homestead exemption, becasue they will be living their and they will pay the taxes. And if our names remain on this deed, but we a living in our new house, can we claim homestead exeption on the new house? Thanks, Susan
Hi susanalee!
Welcome to forums!
You can add your daughter and son-in-law's name to the property deed. However, once the ownership of the property changes, there are chances that the lender will want you to refinance the loan.
If your daughter and her husband is on the property deed, then they will be able to claim homestead exemptions on that property. However, if your name is on the property deed, then you won't be able to claim homestead on your new property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can add your daughter and son-in-law's name to the property deed. However, once the ownership of the property changes, there are chances that the lender will want you to refinance the loan.
If your daughter and her husband is on the property deed, then they will be able to claim homestead exemptions on that property. However, if your name is on the property deed, then you won't be able to claim homestead on your new property.
Feel free to ask if you've further queries.
Sussane