Posted on: 02nd Aug, 2009 01:23 pm
I am living in a house my father and brother bought about five years ago. It is in my brother's name. My brother lives with my mom. We share her care. (My dad passed away 2 months aqo without a will, but a community property agreement with my mom).
There are two issues here (two houses). I want my name added to the house I'm in, and we want to keep the other house in the family and therefore put us kids' names on it with mom's. Would quit claim deeds be OK or do we need title deeds? What are the tax ramifications? I don't understand the income tax effects on having part of a house signed over to me. and my brother was concerned about the income tax effects of having the kid's names on mom's house. From reading your site, it appears the grantor is taxed, not the grantee. But isn't there an income tax for the grantee? Also, would I be responsible for half the property taxes if my name were on my house?
My brother has not been forthcoming with info and I am feeling very vulnerable and not trusting. I am on disabilty and it is my understanding I can own a home, I just don't know if I can afford the taxes/utilities/insur.
Can my brother take out a loan on my house if my name is on it through a quit claim and not a title deed? He has already done remodeling on it that I did not want or ask for., and there is much conflict over it.
We were hoping to fill out the paperwork on our own, and then have an attorney go over them. I cannot afford a long legal involvement, and my brother and sister seem to think they can resolve this without an attorney. Also, what happen to the houses if my mom has to go to a nursing home?
There are two issues here (two houses). I want my name added to the house I'm in, and we want to keep the other house in the family and therefore put us kids' names on it with mom's. Would quit claim deeds be OK or do we need title deeds? What are the tax ramifications? I don't understand the income tax effects on having part of a house signed over to me. and my brother was concerned about the income tax effects of having the kid's names on mom's house. From reading your site, it appears the grantor is taxed, not the grantee. But isn't there an income tax for the grantee? Also, would I be responsible for half the property taxes if my name were on my house?
My brother has not been forthcoming with info and I am feeling very vulnerable and not trusting. I am on disabilty and it is my understanding I can own a home, I just don't know if I can afford the taxes/utilities/insur.
Can my brother take out a loan on my house if my name is on it through a quit claim and not a title deed? He has already done remodeling on it that I did not want or ask for., and there is much conflict over it.
We were hoping to fill out the paperwork on our own, and then have an attorney go over them. I cannot afford a long legal involvement, and my brother and sister seem to think they can resolve this without an attorney. Also, what happen to the houses if my mom has to go to a nursing home?
Hi tester,
If both the properties have your deceased father's name on it, then a quitclaim deed will not help you in transferring the property in your name. In such a situation, your siblings and you have to file an affidavit of heirship at the county recorder's office. Once the property is transferred in your name, then you can add your kids' name to the property deed.
If your name is on the property deed, then your brother will not be able to take a loan on that property without your permission. It would be better if you could consult an attorney before signing any papers. The attorney would help you in understanding the papers.
If both the properties have your deceased father's name on it, then a quitclaim deed will not help you in transferring the property in your name. In such a situation, your siblings and you have to file an affidavit of heirship at the county recorder's office. Once the property is transferred in your name, then you can add your kids' name to the property deed.
If your name is on the property deed, then your brother will not be able to take a loan on that property without your permission. It would be better if you could consult an attorney before signing any papers. The attorney would help you in understanding the papers.