Legal Question in Real Estate Law in Arizona
My mother, brother and myself own a home together. My mother wishes to quit claim deed her share to us. I live in AZ Maricopa County. Which Exemption Code do I use? Would it be A7? And if so will there be taxes owed and by whom?
1 Answer from Attorneys
Yes, it would be ARS 11-1134(A)(7). You need to put the following language on the front page of the deed (preferable right below the title of the document "Quit Claim Deed":
"(Exempt from affidavit requirements pursuant to A.R.S. � 11-1134(A)(7))"
If both of you own the property via this new deed, the tax bill will go to both of you and you will both be jointly responsible.
One more important thing to consider: Why is she doing this? If she is doing this to simply make sure you are an automatic beneficiary of the home if she dies, she can do that by just recording a beneficiary deed that says the home goes to you upon her demise. That will keep the property in her name until she dies, and she will remain solely liable for the taxes.
If she is doing this for some kind of asset protection (because she is worried about creditors), then she could be opening herself up to other problems, such as a claim for fraudulent transfer.
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