Posted on: 02nd Mar, 2009 06:33 pm
My parents own a home in Florida. They are not Florida residents. They are going to quitclaim the deed to me and my husband. We are Florida residents. Can me and my husband receive homestead once the deed is filed even though my parents' names will still be on the mortgage? And, does the quitclaim deed remove my parents' names or just add me and my husbands to the deed as well?
Hi Guest,
A quitclaim deed can remove your parents name and can also add you and your husband's name on the title. It depends on whether your parents transfer all of their interest in the property to you or only a part of it. As far as I know, the homestead exemption can be obtained only on the primary residence. So if you can show the house as your primary residence you can avail the exemption, irrespective of whose name is on the loan.
A quitclaim deed can remove your parents name and can also add you and your husband's name on the title. It depends on whether your parents transfer all of their interest in the property to you or only a part of it. As far as I know, the homestead exemption can be obtained only on the primary residence. So if you can show the house as your primary residence you can avail the exemption, irrespective of whose name is on the loan.