Which paperwork will need to be submitted to add additional names to a home deed without transferring the property?
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Which paperwork will need to be submitted to add additional names to a home deed without transferring the property?
My father and mother are still living but would like for their children’s names to be placed on their home’s deed. They want to continue to own the property, and they don’t want the property tax to transfer to anyone else. Which documents will need to be filled out for this type of transaction or change in documentation.
Asked on November 30, 2011 under Real Estate Law, District of Columbia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to get your parents' desires fulfilled is for them to consult with an experienced real estate attorney. I caution about an actual transfer of title of the entirety of the real proeprty that you are writing about in that the transfer could trigger a gift tax payment by your parents for any amount gifted to one child exceeding $13,000 per year under Internal Revenue Service requirements.
Typically the home would be appraised and fractional gift deeds to each child are recorded in the county recorder's office giving percentages equal to $13,000 per year to each child and the parents reserve a life estate in the property. As the years go by, the childrens' interests of owning the property increases and the parents' decreases.
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