Real Estate Deeds Made Easy Since 1997
Millions of U.S. households have multiple adult generations. How do they divide up the worth of their home and the upkeep that goes into it? Who pays the mortgage, insurance, and property taxes? What happens if an owner leaves the home, or passes away?
A lot comes down to good deed planning.
In this discussion of vesting a multigenerational home, we check out the intersections of people’s lives and deeds.
Continue reading “Multigenerational Homeownership: How the Deed Is Vested”
A quitclaim deed easily, quickly transfers your home’s title. You can use a quitclaim to give a home to someone else, with no expectation of a payment from the recipient. Some people use quitclaims to pass homes to their family members.
So, is this a good way to carry out your wishes yourself — a sort of early estate planning? Who needs their home going under a probate court’s supervision after they die, right? And who wants to pay huge fees to the county for the trouble?
Fair questions. But…
Continue reading “You Can Quitclaim Your Home to a Loved One to Skip Probate Costs. Is It Worth It?”
It’s a common question. You’re going to be added onto someone’s deed. Will you have to declare your new homeownership to the IRS?
An acquisition of real estate is not considered income. But being named on a deed could still implicate taxes. Let’s explore why.
Continue reading “Added to a Deed: What Are the Tax Consequences?”
Wondering how to donate a house?
Charitable donations can keep supporting your causes long after your lifetime. Gifts of land, homes, or easements make a lasting mark.
Of course, there are various reasons for real estate donations. Some donors are less interested in the cause than they are in offloading an investment property, or in getting out of the responsibility for an inherited home.
In any case, a gift deed can be used to donate to a non-profit organization or charity. Before committing to the decision, it’s important to know how to spot some key issues.
Continue reading “If, Why, and How to Donate Real Estate to a Cause”
Giver’s regret isn’t unusual. A desire to void the gift of a home after transferring the deed could happen for various reasons. Perhaps you recovered from a serious illness and could really use that home after all. Or maybe your tax expert told you that letting someone wait to inherit your home would be better for the beneficiary, or for you. Perhaps you just don’t like the way your recipient is behaving, and now feel you made a mistake by giving your home away to an irresponsible person.
And now you need answers. Can you take back the deed that you transferred?
Continue reading “I Deeded My Property to Someone Else. Can I Revoke My Gift?”
If you live in Michigan, your state ended its dower rights in 2017. But if you live in Arkansas, Kentucky, or Ohio, dower is still on the books in your state. This musty old legal provision gives spouses a peculiar set of real estate protections. Kansas, too, has a “dower-like” provision in its KSA 59-505.
If you or your loved ones live in a dower rights state, what’s different about your home’s title?
Let’s take a look.
Continue reading “Dower Rights for Surviving Spouses: Does Your State Still Have This Old English Relic?”
Transferring the deed to your home is a simple matter. Generally, you just have to find the current deed to your home, then get the right deed form to write up your new deed to convey to another party, and take the document to a notary. Then your signature can be notarized and the deed can be filed.
But it’s best not to rush in. Some homeowners later regret signing over their deeds.
Let’s look at reasons not to transfer deeds too quickly — and how best to proceed when you do.
Continue reading “Warning: When Not to Sign Over Your Deed”
Taxes keep going up, following property values. But some homeowners — and buyers — can tap into county or state property tax breaks.
Some states exempt seniors from property tax. Some states let eligible homeowners put off paying property taxes — in many areas, for as long as they own the home. An exemption doesn’t have to be paid back. A tax deferral does.
Plans are being expanded in some locations, so it’s always worth it to check in with your government’s revenue department if you think you might be eligible.
Continue reading “Welcome News: Some States Are Helping Seniors Defer Their Property Taxes”
A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively and quickly passes a property on. No wonder these forms mistakenly get called “quick claim” deeds.
Yet quitclaims are not a good pick for most property conveyances. Read on to learn more.
Continue reading “Using a Quitclaim Deed: What Are the Drawbacks?”
A quitclaim deed transfers real estate to a new owner. A properly completed and recorded quitclaim cannot be undone. Here’s why — and what to do next if there’s a problem with the transfer.
Continue reading “Can a Quitclaim Deed Be Undone?”