Posted on: 29th Jul, 2009 03:36 pm
i co own a house and we both live in it. he is turning 65 and would like the exemption 100%. because we are not married they will only give a 50% exemption.so we are considering quitclaim deed to transfer my rights and he will get the full 100%.
Hi magpie,
If you transfer the property to your partner with the quitclaim deed, he will become the sole owner of the property. You won't have any ownership rights to that property. However, you may add the life estate clause in the quitclaim deed which will help you in living in the property until death.
If you transfer the property to your partner with the quitclaim deed, he will become the sole owner of the property. You won't have any ownership rights to that property. However, you may add the life estate clause in the quitclaim deed which will help you in living in the property until death.