My father just passed and my mom wants to remove his name and put mine on. We are not sure how to do this. Please help.
2006-11-21 00:09:45 · 7 answers · asked by Troy V 1 in Business & Finance ➔ Renting & Real Estate
She probably had a probate attorney when your father passed, or at least someone who handled his will. Transferring property for $1.00 could trigger massive gift taxes, among other things. Simply doing a quit claim deed, putting the title from Mom to Mom and You could do the trick. You'll likely also need to file the affidavit of survivorship and death certificate to remove your father.
If there was no attorney involvement when your father passed, find a real estate attorney or title company in your area. Title companies will be cheaper, but may not be able to offer legal advice, depending on the company. Get professional advice so you can avoid IRS complications, and to make sure the deeds are accurate.
It's possible that adding you to the title could change your cost basis when your mother passes, versus simply inheriting it.
Paying $500 for an attorney could save you tens of thousands in taxes for goofing it up.
2006-11-21 06:11:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If they held title as joint tenants then the title will pass to her but you will need to file an affidavit of death of joint tenant and then you can draw up a quitclaim deed where Mom deeds the house to you and her. Be sure all of these documents are prepared with the advice of a real estate attorney and filed with the county recorder.
2006-11-21 09:44:03 · answer #2 · answered by SunFun 5 · 0⤊ 0⤋
I suggest you contact a real estate attorney to draw up the papers and make sure they are recorded by the county.
2006-11-21 09:10:21 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
I agree with SunFun. Also, if she sells it to you there will be tax consequences, like you buy it for $1 then that becomes your tax basis. When you sell it you have a huge gain. You need to pay a professional for advice or you may screw yourself.
2006-11-21 09:56:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Quick title deed
2006-11-21 17:55:35 · answer #5 · answered by www.treasuretrooper.com/186861 4 · 0⤊ 0⤋
she may want to do this so that when she passes, you can keep the home without any hassles. be sure that if she does this, you are also listed as a NAMED INSURED on her home insurance policy! this will protect your rights and any investment in the home should there be a loss.
2006-11-21 09:28:23 · answer #6 · answered by Queen B 6 · 0⤊ 0⤋
She can contact the local title / escrow company who can handle this for her. They simply add you to the deed.
Here is some additional info. Hope this helps.
2006-11-21 10:34:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋