I have invested alot of money in my brothers home and he wants to put me on the title with him in case anythhing shouldhappen to him, so that the house would be mine. Can some one point me in the right direction, please
2006-10-17 04:52:18 · 5 answers · asked by localyokohl2003 1 in Business & Finance ➔ Renting & Real Estate
By title you mean deed right?
To add yourself to a deed you will need an attorney who will draw up a new deed with your and your brothers names. The new deed will need to be recorded in the county where the home is.
Being put on as a beneficiary will open you up to estate taxes.
Doing a quit claim will remove your brother from the deed completely and I do not think that is what you want to do.
2006-10-17 06:11:51 · answer #1 · answered by Tony M 3 · 0⤊ 0⤋
Why not ask your brother to just put you as the beneficiary who is supposed to get the house, in his will? That way you will be covered if something happens to him. If you wanted to be put on the actual title, you would need to use a title attorney and go through a full-on settlement as if you were buying the house. It's really complicated and expensive, and some lenders (assuming your brother still carries a mortgage) won't even do this. Plus if the house is worth enough, you might get stuck with a very high tax bill.
A simple will can be drawn up for less than a couple hundred dollars and you can even download your own from the Internet and just pay to have it notarized.
2006-10-17 12:32:24 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
He just needs to do a quit claim deed and file it with the county. He wouold deed it from himself to you and himself. A title company can get it recorded for you.
Make sure he understands that you now own 50% of his house and you can screw him over too though!!
PS-- this is not complicated OR expensive. Its a one page doc, and recording is about $40. I know how to do quit claim deeds and helped my friend do it, and it cost him $38 total. YOu dont need to do a closing or a settlement or anything like that-- money is not changing hands here.
2006-10-17 12:34:49 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You need to have a deed drawn up transferring title from him to you and him. You can do this by Quit-Claim Deed. In Illinois you can draw the form up yourself if you know how, or go to an attorney to have it done. I'd suggest an Attorney so you know it's done correctly.
2006-10-17 12:57:51 · answer #4 · answered by Kathleen M 4 · 0⤊ 0⤋
Sit down with a local Title Attorney. what state?
2006-10-17 16:35:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋