Legal Question in Real Estate Law in Florida

Re: Deed addendum

File a new quit claim deed with the current owners as grantors to themselves and your parents as grantees.

Re: Deed addendum

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.

This can be easily accomplished by executing a Quit Claim Deed from you and your wife, as grantors, to you and your wife and your parents as the grantees.

I would strongly recommend that you review this matter with a real estate attorney prior to doing so, however, as their may be serious property tax implications to you. Florida law allows a $25,000.00 exemption from taxation for your homestead. You are only allowed one homestead. Many counties will only allow a pro rata amount of the exemption for properties with parties listed as owners who do not reside therein thus giving you additinal taxes each year. I am not sure what your goal is by adding your parents, but there may be a better method.

Additionally, if you obtained a mortgage in order to purchase this property, there is

probably a clause in the mortgage that prohibits the sale or transfer of the property without payment in full of the mortgage.

Scott R. Jay, Esq., 305-249-8000

Re: Deed addendum

Scott R. Jay's response is on point in every respect. No need for me to repeat what he has already written. Goodbye.