Ask Experts Questions for FREE Help !
Ask
    bflynn0901's Avatar
    bflynn0901 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 18, 2010, 03:43 AM
    What form do I need to transfer a name on real estate property
    My mother is in bad health and she wants to leave the house to me but does not want to transfer it over until last minute and does not want it in the will what form do we need to make this happen
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
     
    #2

    Jul 18, 2010, 04:44 AM

    She shouldn't wait until the last minute. And she shouldn't transfer the home to you as a whole. You can be on the title as "joint" and when the time comes then the home would pass directly to you. It doesn't need to be in a Will. So what your looking to do is have your name added to the existing title. Not a complete title change. In some places like California a title change like that can trigger taxes to unimaginable levels. See prop 13. Is the home paid off?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    Jul 18, 2010, 06:03 AM

    In most cases, when ownership of property changes this is considered a sale. Even if you are just being added as an owner. It is not as simple as filling out a form and it should NOT wait until the last minute.

    The best thing to do is for her to sign a quit claim deed, deeding the property from her to both of you as joint tenants with right of survivorship.

    But I would consult a local real estate attorney so you understand all the legal and tax ramifications of this transfer. There is also an issue of whether the property has a mortgage. Almost all mortgages have a due on sale clause which can trigger a call on the mortgage if ownership changes.

    Finally, there is a medicare issue. If you are trying to protect the property from medicare, then its too late. The property would have had to be transferred 5 years before medicare/medicaid claims were filed.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
     
    #4

    Jul 19, 2010, 08:08 AM
    Quote Originally Posted by califdadof3 View Post
    ... You can be on the title as "joint" and when the time comes then the home would pass directly to you. ...
    Not necessarily true in all places. If your state doesn't allow joint title you would end up with title in common and be in a real mess.
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
     
    #5

    Jul 19, 2010, 12:36 PM
    Quote Originally Posted by AK lawyer View Post
    Not necessarily true in all places. If your state doesn't allow joint title you would end up with title in common and be in a real mess.
    Which state or states would that be?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
     
    #6

    Jul 19, 2010, 01:10 PM
    Quote Originally Posted by califdadof3 View Post
    Which state or states would that be?
    Here is one example:

    AS 34.15.130. Joint Tenancy Abolished.
    Joint tenancy, with the exception of interests in personalty and tenancy by the entirety, is abolished. Except as provided in AS 34.15.110(b) and AS 34.77.100 , persons having an undivided interest in real property are considered tenants in common.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How would I complete a real estate deed transfer in TN when property is a gift? [ 1 Answers ]

How would I complete a real estate deed transfer in TN when property is a gift? And what taxes I have to pay in procentage rate?

How would I complete a Real Estate Deed Transfer in Texas when property is a gift [ 1 Answers ]

How would complete a Real Estate Deed Transfer in Texas when the property is a gift to a loved one?

Illegal transfer of real estate [ 3 Answers ]

Does anyone know if there is a statute of limitations on an illegal property transfer:confused:


View more questions Search