Posted on: 07th Feb, 2009 11:44 am
How do we swap houses with my mother without losing our homestead exemption? We want to trade houses with my mother without buying/selling. We both live in the same county in Florida, and we both have a mortgage on our properties. This would be a permanent trade, however we would each be paying our existing mortgages still as ours is much higher than hers. I have read about quit claim deeds where one person can add the other to their deed. If we were both to do that, would we both then be able to file for homestead exemption on our "new" residence. Also, how would this affect the save-our-homes cap? I want to do this with least amount of cost, but I also want it to be legal.
Hi kjacobson,
You can quitclaim the property to your mother and she can do the same to you. However, since the title to the property changes due to a quitclaim, you may lose the homestead exemption. Thus, you will have to file for the exemption afresh and since the home owner of a principal residence can apply for such an exemption, you have to prove that the property is your principal residence.
You can quitclaim the property to your mother and she can do the same to you. However, since the title to the property changes due to a quitclaim, you may lose the homestead exemption. Thus, you will have to file for the exemption afresh and since the home owner of a principal residence can apply for such an exemption, you have to prove that the property is your principal residence.