Legal Question in Real Estate Law in Florida
Quitclaim or will
I have a customer who closed on a property last week and she wanted to have her siblings on the deed. She is solely responsible for the mortgage and wants them on the deed in the event of her death.
We were unable to acquire the proper paperwork at time of closing and am wondering if it is necessary to have a quitclaim done and also incurr recording fees. Would it be more cost effective to just have a will drawn?
2 Answers from Attorneys
Re: Quitclaim or will
Adding them on to the title via a quitclaim or warranty deed will incur documentary stamps of $7 per $1000 of the outstanding mortgage. It also would mean that she would have to have all of them agree in the event she later wishes to refinance or sell (God forbid one or more of them would have a judgment recorded against them.). Further, her mortgage almost assuredly contains a due-on-sale clause, which gives them the right to call the entire loan due and payable upon any transer. All-in-all, probate at her death does not seem such a bad option. She would want to have a will prepared and executed to express her wishes, or she could get into a living trust if she wishes to avoid probate.
Re: Quitclaim or will
Since the mortage lender will probably not permit a change of the deed, a will or trust, with the accompanying legal expense is the way to go. Good luck.
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