Posted on: 29th Oct, 2009 05:27 am
I currently have a Mortgage on a condo and have been making payments on my own. Only I am the owner. I'm thinking about bringing on someone that will pay down some of the debt...thus having an owning interest in the property. What steps need to be taken in FL to add someone to the title? We would keep the current financing...but want the person to share ownership. Would just adding them 're-set' the Save Our Homes exemption cap that I currenly have? Would the condo board have to screen this person?
Thanks.
Thanks.
Hi,
To add the person to the title, you will need to sign on a quitclaim deed. You will sign the deed as grantor and transfer the property to both you and that person. After signing the deed, get it notarized and recorded with the county recorder's office. But before adding the person to the title, you ought to make some sort of agreement to make him/her liable for a part of the mortgage payments.
As long as you occupy the property as primary residence, adding another person to the property deed should not affect the Save Our Homes exemption cap. This cap limits the annual assessment of homestead properties in Florida. Adding someone to the title will not affect the assessment of the property. You can talk with the condo board about this change in title. But they should not have any objection to this as you are the legal owner of the condo and you can make changes to the title.
To add the person to the title, you will need to sign on a quitclaim deed. You will sign the deed as grantor and transfer the property to both you and that person. After signing the deed, get it notarized and recorded with the county recorder's office. But before adding the person to the title, you ought to make some sort of agreement to make him/her liable for a part of the mortgage payments.
As long as you occupy the property as primary residence, adding another person to the property deed should not affect the Save Our Homes exemption cap. This cap limits the annual assessment of homestead properties in Florida. Adding someone to the title will not affect the assessment of the property. You can talk with the condo board about this change in title. But they should not have any objection to this as you are the legal owner of the condo and you can make changes to the title.