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Buying or Selling a Home/transfer property from my mother to me

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Expert: - 5/5/2005


Question
my mother and i own a home in joint tenancy. how to we transfer  the property to me...grant deed or quit claim..... tax implications

Answer
Since you are both on title as joint tenancy, Eileen, that means you most likely came into title on the property together. Joint tenancy means you both came onto title together (time). This versus owning the property as tenants in common which would mean that you not necessarily came into title together, even years later.

If you have been on title together all the time, then there should be no tax problems involved if it's your residence. Consult a tax expert to make sure it is being conveyed properly.

Grant Deed is always best. It is cleaner and safer. It is done this way: Mother Benevedes and Eileen Benevedes, who hold title in joint tenancy, do hereby convey to Eileen Benevedes, a single woman (or married) as her own and sole property.

I wish you well.

Dick Dennis          dixiedee13@aol.com

Buying or Selling a Home

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Dick Dennis

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With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

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Solving real estate problems for 37 years.

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National Association of Realtors

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Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

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e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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