Legal Question in Real Estate Law in Florida

Re: Deed to property

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.

No. Just because a name or names are added to a mortgage, the deed does not change. Often, due to poor credit or a lack of credit, family members will co-sign on a loan, but they are not added to the deed. The co-signers simply lend their creditworthiness to the loan but do not gain any ownership interest in the property. This is a fairly common practice in Florida.

Scott R. Jay, Esq.

Re: Deed to property

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 nformation, 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.

A Quit Claim Deed is often not the best way to transfer property from one relative to another. By transferring the property now, you have lost the right for a stepped up basis on the property at the time of your mother's demise. Your basis will be the amount she originally paid for the house and not the value on the date of her death which it otherwise would have been if transferred through probate.

Capital gains taxes on the eventual sale are based on the difference between the purchase price (basis) and the net selling price after various allowable deductions for improvements and costs of the sale.

I would strongly suggest that you consult a qualified real estate attorney to discuss this further. The long term savings to you could be quite substantial.

Scott R. Jay, Esq.

Re: Deed to property

No, separate measures would need to be taken to have the Deed changed and the additional names added.