I want to add my son's name to my house deed, and don't know if a quit deed is good for this, and if i can do this myself, or need an attorney
2007-10-29 12:14:49 · 5 answers · asked by junquena714 1 in Business & Finance ➔ Renting & Real Estate
WHY, WHY WHY. Why would you want to add your son's name. This means that he will also own the house. You will have to get permission from your son on any decision you want to make on this house. This is a bad idea.
If you are doing this for tax reason, there are much better ways. See a tax planner.
2007-10-29 12:22:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Are you an elderly person?
If not, this is a HUGE mistake, especially if your child is over the age of 18, or will be anytime soon.
Once you do that, you just gave away HALF of your ownership...that means that your son has HALF of control of the home, including the requirement of having his signature if you refinance or sell it.
No way would any kid of mine have that kind of control...no matter how good they were. It's just trouble waiting to happen.
2007-10-29 12:44:23 · answer #2 · answered by Expert8675309 7 · 2⤊ 0⤋
A will where he is designated as heir for the house would give better tax treatment.
In any case, yes have an attorney.
2007-10-29 12:31:39 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Legally any Real Estate professional cannot advise you on this. Contact you local title company, they can help you.
2007-10-29 12:41:05 · answer #4 · answered by sunshine 3 · 0⤊ 0⤋
You can, but it would be a big mistake. Read some of the other answers you have received.
2007-10-29 17:04:39 · answer #5 · answered by Classy Granny 7 · 0⤊ 0⤋