Posted on: 07th Aug, 2007 10:40 am
I want to maintain an interest in the property, occupied by my son and his family, but add him to the title for tax and mortgage interest deduction purposes.
hi joyceglau,
you can use a quit claim deed to add your son to the title. to complete this process a new deed has to be made in which you will be named as the grantor and your son as the grantee. after the deed is notarized and recorded he will co-owner along with you.
miller
you can use a quit claim deed to add your son to the title. to complete this process a new deed has to be made in which you will be named as the grantor and your son as the grantee. after the deed is notarized and recorded he will co-owner along with you.
miller
Yes a quit claim deed would serve the purpose of adding your son's name to the title. For more information on use of quit claim deed for ownership transfer please go through this page: http://www.mortgagefit.com/quitclaim-deed.html
"I want to maintain an interest in the property, occupied by my son and his family, but add him to the title for tax and mortgage interest deduction purposes."
After his name is on the title he will be liable to pay property taxes along with you. For mortgage interest deduction purpose his name should be on the mortgage. At the time quit claim deed is made, the mortgage can also be refinanced to include him on the mortgage, after which he will be able to claim MI deductions.
After his name is on the title he will be liable to pay property taxes along with you. For mortgage interest deduction purpose his name should be on the mortgage. At the time quit claim deed is made, the mortgage can also be refinanced to include him on the mortgage, after which he will be able to claim MI deductions.