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Rose, Home Buyer in Scottsdale, AZ

2 of my children are paying my interest only on my loan. What happens if I add them to my house title. ...

Asked by Rose, Scottsdale, AZ Wed Aug 27, 2008

They do not live in with me. What is best way to add them on for legal aspects

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6
Artur Ciesielski - THE FIRST ANSWER - Answered this question correctly. No agent or REALTOR should be giving LEGAL ADVICE on real property titles.

Rose consult an attorney and your tax professional.

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1 vote Thank Flag Link Thu Aug 28, 2008
Hello Rose,

In Arizona there are generally four ways to take title to real property:

1) Community Property

2) Joint Tenancy with right of survivorship (owners need not be married, and there can be multiple parties)

3) Community Property with right of survivorship (this requires a legal marriage between the two owners)

4) Tenancy in Common, owners need not be married, and there can be multiple parties

It sounds like that Joint Tenancy with right of survivorship or Tenancy in common may be your best option. With Joint Tenancy with right of survivorship all owners hold an equal interest with Tenancy in common each owner holds an undivided fractional interest (e. g. owner A owns 17% and owner B owns 83% of the property).

I recommend to consult with an attorney before deciding on how to hold legal title. This would also be a good time to create a will in case you have not done that yet.

Hopefully that helps!

Christoph K. Schweiger
Associate Broker
Homesmart
1 vote Thank Flag Link Wed Aug 27, 2008
Rose,

This is a question best directed to a real estate attorney.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Wed Aug 27, 2008
Rose - Without knowing the reasoning behind your desire to add them to the title of your home, I recommend you contact both a real estate and a tax attorney. The "how-to" of adding them to your title is as easy as contacting a title agency. However, the financial/tax ramifications should be weighed for ALL involved in order to make the most financially sound decision.
0 votes Thank Flag Link Wed Aug 27, 2008
Hi Rose,

Your children will have ownership rights but none of the financial responsibility. The ownership rights & percent they own will depend on how you allow them to take title to the home. Please consult with an accountant and a real estate attorney to learn about all the positive & negative consequences of this action.

Any title company will be able to assist you with adding your children to the title to your home. It's a very simple process. I would suggest you use the same title company you used when you purchased or last refinanced your home, because they may be able assist you with the paperwork at minimal cost to you.

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Paul Welden
HomeSmart Real Estate
0 votes Thank Flag Link Wed Aug 27, 2008
There are legal ramifications. This would be a question for a lawyer.
0 votes Thank Flag Link Wed Aug 27, 2008
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