Legal Question in Real Estate Law in Florida

Re: Add person to deed

It is very simple to add someone by executing a properly-prepared deed, however there are various tax implications which you need to understand - capital gains tax, documentary stamp liability, and real estate taxes. Do yourself a favor - spend a few bucks to have the ramifications explained to you by a competent attorney and have him or her prepare the deed(s) properly.

Re: Add person to deed

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Your father can add you to his deed by executing a Quit Claim Deed. There may be serious tax implications, however, and this should not be done with first consulting with a qualified real estate attorney. By adding your name now, you may incur greater taxes by forgoing the availability of a stepped up basis in the property value upon sale.

Scott R. Jay, Esq.