deed
Tax Implications of Inheriting a House
Q: My husband is 85. He is on 100 percent VA disability, plus homestead exemptions. Our home is paid for, and due to the exemptions we pay no taxes on it. If we deed our home to our children, but …
Homeowners’ Tax Credit Only Available for Homeowner
*Homeowners’ Tax Credit Only Available for Homeowner *
Homeowner’s tax credit is only available for homeowners. Only a homeowner can apply for a tax credit for that home. The homeowner’s name must be on the deed to be eligible for a tax deduction. Filing for partial ownership can help mortgage paying tenants receive tax credits. Tenants might receive a tax deduction but homeowners’ tax credit is only available for homeowner. Use an accountant to see if you qualify for a homeowners’ tax credit.
Changing Name on Real Estate Tax Bill May Not Be Necessary
A reader wants to know whether she should change her name on her real estate notice and tax bills because of a misspelling that appears on the real estate and tax forms. While real estate law problems may arise if the name change is major, if the name change isn’t serious, you may not have to change your name. You should contact a lawyer or tax specialist for other questions about changing your name.
Inheriting a Quit Claim Deed
Inheriting a quit claim deed upon the death of a property’s owner causes ownership issues. When left a spouse’s property upon their death you inherit any quit claim deed they were deeded. In inheriting a quit claim deed you inherit responsibility for the property of the quit claim deed. If your spouse had a will that left everything to you, you own the property in the quit claim deed, intended for your spouse. If somebody else is in that property, you must decide how or if to rent them the property.
Wrong Name On Quit Claim Deed
The wrong name is put on a quit claim deed for a new property. Fixing the wrong name on a quit claim deed depends on who gave you the property via quit claim deed. Talk to a closing agent, settlement agent or title company to find out if you can fix the wrong name on a quit claim deed. The process to rerecord a wrong name on a quit claim deed varies state to state. Talk to a real estate lawyer if the wrong name is on a quit claim deed.
Adding Name To Deed, Follow Condo Association Rules
You can add anybody you like to the title to your property subject to a couple of rules that generally apply everywhere. Adding a name to the need is fairly simple, as long as your condo association rules don’t prohibit adding a name to the deed. Check with your condo association board and your lender to add a name to the deed.
Adding Name To Property Title May Not Be Best For Friends
Buying a home is hard enough. Owning a home is even tougher. But sharing your ownership interest in your home and adding the name of a friend to the title to the home should be done only after careful consideration. You must consider whether you are just friends, will be married, possible breakups and other life changing issues. Once you have thought about these issues, you can proceed to decide how you should hold title to your real estate and whether to include a friend or not.
Changing Title and Deed of House Without Permission Not Allowed
Once the buyer and seller have agreed on the terms of a home sale, changing the title or deed without permission from all parties is not allowed. The seller cannot make any changes to the title or deed without the buyer’s permission. There are some circumstances where small changes to the title or need, like to fix typographical errors, are allowed. However, it is best to consult an attorney when considering any changes to the house title or deed.
Ilyce Glink Show on WSB Radio — November 15, 2009
Today on the Ilyce Glink Show, Ilyce discusses Fannie Mae’s Deed for Lease program in greater detail than she has on previous shows and how living in a severance economy is leading to increasing levels of debt nation-wide, according to a survey from CreditKarma. She also talks to Mike Rose, a senior loan officer with Bank of America, about rising divorce rates and how divorce can affect your loans. If you’re getting divorced, check out our “Divorce and Your Finances” E-book, available at the ThinkGlink.com store, so that you can protect yourself financially.
Installment Contract for Deed Can Result in Mortgage Fraud
A home buyer purchased a home using an installment contract for deed. She paid an escrow company, which then paid out her mortgage, taxes, insurance and homeowner association dues – or so she thought. Now she finds out that the escrow company/mortgage broker hasn’t been making any payments, and the house could be foreclosed upon. Is she a victim of mortgage fraud? What should she do now?
