Legal Question in Real Estate Law in Florida

Re: Quit Claim Deed

Before rushing to execute a quitclaim deed, your parents and you should meet with a real estate lawyer that is familiar with tax consequences associated with the transfer of real property from parents to parents and child. The lawyer should be advised of all the reasons for wanting to transfer the property so that he/she can advise you of the options available and the ramifications of selecting each option. It would be money well spent to seek a consultation with a lawyer that can properly guide you and your parents and hopefully avoid some of the pitfalls that may arise later in time. I'm not a specialist in this area but I can refer you to several lawyers who are experienced in tax matters relating to the transfer of real property. Good luck.

Re: Quit Claim Deed

Simple. Have a new deed prepared, list your parents as grantors and you and your parents as grantees. Have them sign it, have signatures acknowledged and file deed with county clerk.

Re: Quit Claim Deed

Please be extremely careful. Many seniors make a serious mistake by executing a Quit Claim Deed and adding their child or children onto their deed. Extremely serious tax implications as a result of this can happen. Attorneys have been known to advise clients to avoid probate by executing a Quit Claim Deed without advising of the consequences.

This can include the following:

1. Loss of some or all of the homestead exemption;

2. A loss of a stepped up basis in the real property for the child or children as opposed to inheritance upon death;

3. Additional real property taxes due to the title transfer which are currently limited by state law.

I strongly urge you to meet with a qualified real estate attorney who can review your parents' concerns advise you on this matter.

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