Legal Question in Real Estate Law in Florida
Warranty Deed - Which One?
I need to know which of your deeds to order to use for having a second name added to some property. The property is currently in my father's name only. He wants to add one of his children to the property. The propery is his homestead and there is not a mortgage on the property. Which deed is appropriate for this situation?
Thank you.
1 Answer from Attorneys
Re: Warranty Deed - Which One?
FACTS: Need to know which deed to use to add second name to property in father's name; he wants to add one of his children to homestead; no mortgage on property.
Q. Which deed is appropriate for this situation?
A. Generally, a Quit Claim Deed is used but remember to protect his right to claim homestead or he will lose 50% of his yearly tax exemption. He should also be mindful of the loss of his exemption to claims of creditors provided in the Fla. Const. and the loss of flexibility in making choices regarding the homestead.
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