Legal Question in Real Estate Law in Florida

Re: Deeds

Once you give up title your lender can call in the loan.

Re: Deeds

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The proper action would be to execute a Quit Claim Deed for a Life Estate to your parents with a remainder to you. Parents will then be able to file for a homestead exemption which will give your immediate tax savings and even more in the future. Upon death, the property would immediately pass on to you without the need to file a probate of either of your parent's estate, although you will need to record certified death certificates upon any sale or transfer of title.

Please remember that you will need to contact your lender to make sure that they agree with any action you take.

I would strongly advise that you have a qualified real estate attorney handle this transaction so as to make sure it is done properly. The cost will be reasonable especially as opposed to the possible effects of any errors you might make doing it yourself.

Scott R. Jay, Esq.