Posted on: 26th Feb, 2008 11:07 am
i am filing a quit claim deed for a townhouse and do not live in the property. the people that are taking over the deed do live in the property. does this need to be labeled as "homestead property" or not?
Hi B,
Welcome to the forum.
After you sign the quitclaim deed to them, they will be the owner of the property and as they are living in the property, they can apply for the home stead exemption.
BTW are they using it as their primary residence? To qualify for the homestead exemption one should use the property as his primary residence.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
After you sign the quitclaim deed to them, they will be the owner of the property and as they are living in the property, they can apply for the home stead exemption.
BTW are they using it as their primary residence? To qualify for the homestead exemption one should use the property as his primary residence.
Feel free to ask if you have any further questions.
Best of luck,
Larry
depends on the state, but you definitely need to live there to qualify for homestead exemption
