Posted on: 14th Feb, 2012 08:18 am
i was a single man when i have my house built. i am now married and my mortgage is paid off. i want to put my wife's name in the deed. how can i put it.
Hi thui,
As the property is free and clear, you can use a warranty deed in order to add your wife's name to the property. This will make her the owner of the property. You can contact a real estate attorney and he will help you in drafting the warranty deed.
Thanks
As the property is free and clear, you can use a warranty deed in order to add your wife's name to the property. This will make her the owner of the property. You can contact a real estate attorney and he will help you in drafting the warranty deed.
Thanks
Welcome thui,
I agree with James!! As the property is free and clear, you can go for a warranty deed in order to add your wife to it. However, if there is some kind of lien on the property, then it will be better to use a quitclaim deed.
I agree with James!! As the property is free and clear, you can go for a warranty deed in order to add your wife to it. However, if there is some kind of lien on the property, then it will be better to use a quitclaim deed.
In normal course you can make your wife as joint owner only by transfering 1/2 share to your wife through a registered sale deed. I hope you do not intend to do so as your wife is not in position to give you adequate sale considerdation to you in return of 1/2 share in property. Please note without adequate consideration if any property is transfered to wife, from income tax point of view any income from this property will be clubed in the income of transferer.
So if you are in position to transfer property with adequate consideration then it is ok other wise do not think about it.
So if you are in position to transfer property with adequate consideration then it is ok other wise do not think about it.