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/u/Coffee-and-Naps
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My (39F) dad (67M) wants to add me to the title of his home. His reasoning is that when he dies, he doesn’t want me to deal with probate and such. He says the best way to do this is a quit claim deed and would like me to sign with a notary for him to take to the title company. He is relatively healthy and not knocking on deaths door anytime soon (as far as we know).
He lives in his home and owes probably 70-90k on it. I live two hours away with my family in a home that I owe 150k on.
Is this really the best route to take? If I sign this now, am I liable for anything- like do I need to start declaring the property for tax purposes? I guess I’m asking what short and long term impact a quit claim deed would have in this situation.
I’m his only child and he’s not married. I do not suspect anything nefarious- my dad is wonderful and not setting me up for anything- but I am relatively ignorant to this topic so I want to be sure to check all avenues before I sign anything.
submitted by /u/Coffee-and-Naps
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Quit Claim Deed (Michigan)
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He lives in his home and owes probably 70-90k on it. I live two hours away with my family in a home that I owe 150k on.
Is this really the best route to take? If I sign this now, am I liable for anything- like do I need to start declaring the property for tax purposes? I guess I’m asking what short and long term impact a quit claim deed would have in this situation.
I’m his only child and he’s not married. I do not suspect anything nefarious- my dad is wonderful and not setting me up for anything- but I am relatively ignorant to this topic so I want to be sure to check all avenues before I sign anything.
submitted by /u/Coffee-and-Naps
[link] [comments]
Quit Claim Deed (Michigan)
Continue reading...