Posted on: 23rd Jan, 2008 04:17 pm
I would like to add my brother to mom's property to which I have full title ownership. The house has been fully paid off more than 2 yrs ago. We have no plans to sell the house as long as our mother is alive. What is the best approach to add him with equal interest in the property and with the least tax consequences?
Thank you!
Thank you!
hi jenecao,
welcome to the forum.
i think you should better use a grant deed. if you use a quit claim deed that means you are transferring all your interest to your brother and you have no legal fights on that property. so i suggest use a grant deed.
have you consulted with an attorney regarding this?
feel free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
i think you should better use a grant deed. if you use a quit claim deed that means you are transferring all your interest to your brother and you have no legal fights on that property. so i suggest use a grant deed.
have you consulted with an attorney regarding this?
feel free to ask if you have any further questions.
best of luck,
larry
I'm a bit confused. Here's the definition I received from a different site:
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Hi Jenecao,
What's the confusion here? Please explain so that I can clear it.
As far as your situation is concerned, you can go either with a quitclaim or grant deed, better with the second one. This is because you don't have any lien on your property and grant deed can be used for properties which are free from liens and have clear titles.
The tax consequences will not differ if it's a quitclaim or a grant deed.
Take Care
What's the confusion here? Please explain so that I can clear it.
As far as your situation is concerned, you can go either with a quitclaim or grant deed, better with the second one. This is because you don't have any lien on your property and grant deed can be used for properties which are free from liens and have clear titles.
The tax consequences will not differ if it's a quitclaim or a grant deed.
Take Care
Thanks for the reply.
The confusion is if i'm reading the definition correctly, the Grant Deed transfers all of my interest, ownership and right in the property to another person rather than adding the person on to the deed. Am I completely missing the meaning between the two?
The confusion is if i'm reading the definition correctly, the Grant Deed transfers all of my interest, ownership and right in the property to another person rather than adding the person on to the deed. Am I completely missing the meaning between the two?
Transfer the property from You as Grantor to You and Your Brother, as Tenants in Common, as Grantee.
You cannot just add someone to a title, you must transfer a property interest from someone to someone else. It is confusing.
You cannot just add someone to a title, you must transfer a property interest from someone to someone else. It is confusing.
jheard is correct; if your transfer is from you to your brother and yourself jointly, you will retain your rights of ownership.
legal questions ought to be brought to legal counsel, in any event. it is wise to always obtain legal advice in situations such as you bring up.
legal questions ought to be brought to legal counsel, in any event. it is wise to always obtain legal advice in situations such as you bring up.
