Home Buying in Vacaville>Question Details

Emily, Home Buyer in Vacaville, CA

the cost for adding someone to the title

Asked by Emily, Vacaville, CA Thu Jan 28, 2010

If I want to add some family member to title after closing by quit claim deed, how much will it cost (recording fee, lawyer fee or transfer tax?? Any tax consenquence for her if she does not pay me for it?) How about removing someone from deed (cost and possible tax consenquence). Many thanks

Help the community by answering this question:

Answers

7
Please, please check with a lawyer first.

Adding a person is cheap. I don't know, maybe $150-$200. Maybe less.

In most jurisdictions, there wouldn't be a transfer tax. I don't know about Vacaville. A lawyer or settlement company could tell you.

Tax consequences? Yes, possibly. It really doesn't matter if she pays you for it. There should be "consideration" which could be only $1, or maybe $10. Often, with intrafamily transfers, no money is exchanged; the "consideration" is termed "love and affection."

Other consequences? You'd be violating the lender's due on sale clause. You'd be transferring equitable interest in the property to another person without prior approval of the lender. And, technically, the lender could call the loan due and payable. Bluntly: The lender could foreclose. That's unlikely, but possible.

Removing someone from the deed? Impossible (or nearly impossible). Once someone's on the deed, they're an owner. They'd have to relinquish their right, perhaps with a quit claim deed. If they chose not to, it'd be nearly impossible to force them.

Please, please consult with a lawyer (and possibly an accountant) before you do anything.
1 vote Thank Flag Link Thu Jan 28, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Chiming in from California.
Any time you change the title on your home (unless you are taking a spouse off the property or transferring to a Trust), most counties are going to subject you to transfer tax and reassess your property.
Removing someone from the deed, as well, unless that person is married to you or deceased.
0 votes Thank Flag Link Wed May 14, 2014
How much does it cost to add a person to my deed to my house if the house has no mortage
0 votes Thank Flag Link Sat Mar 22, 2014
Best confer with title company., and attorney for cost all details involved

It may require lender approval add a person to title.

Person could be obligated to taxes, and if you were sale home release of both parties sign listing agreement, and closing documents transfer title to new buyer
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Feb 8, 2010
Emily:

I am a Realtor & an Attorney licensed only in OH, so my comments are my personal opinions. You need to contact an Attorney who handles residential real estate matters. In general, you can add someone to the title for your home during the purchase process. You are the one who is buying the home, that person will not be on the promissory note or the mortgage, but you can decide whom you want to have title of the home by telling the title company to have the deed prepared in a certain way (this is one of the items you discuss with your attorney). Contact an Attorney for adding someone to the deed after the purchase process. You will want to discuss what type of ownership you want to convey. There are a number of types of deeds & rights to possession of your property, that's definitely why you need an attorney. Also, talking someone into giving back his/her interest in the property by signing a Quit Claim Deed is not that simple if they don't want to give away their interest in the property. There are gift tax issues if the home is worth a significant amount & you have a lot of equity in the home. Some of the answers you received earlier, mention trusts. Again, this an Attorney would prepare (& there are different types of trusts for different purposes). In summary, this is not the forum to obtain the answers you need; you definitely need an Attorney.
0 votes Thank Flag Link Mon Feb 8, 2010
Good Morning Emily, Most Real Estate attorneys can simply add people to the deed. The cost is minimal and by providing them a copy of your current deed, it will save you a little money. Removing someone from teh deed is also a simple process where the quit claim their interest to you who whoever. If you plan on adding and dropping people frequently or often, you may want to consider putting in a trust, then you wont have to change the deed but only your trust papers which will save you money. You should note if you have a mortgage, the mortgage company may have limits to adding or taking anyone off the deed. As far as tax consequences, that is a question for yoru accountant, as taxes are paid when you sell and deductions of any mortgage interest and taxes could be limited, I hope this helps and good luck.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Feb 8, 2010
There is some legal way to put the house in a trust. Under the terms of a trust you can choose who has control of it. Basically you control the trust. You do not exactly own the house but you can sell it, or do anything you want with it. When you die it can be set up to go to another listed by the trust to avoid probate.
Ask a lawyer. I am sure I got some of the details a bit off. The concept is strange and had to be designed by a lawyer who can think sideways upside down and around a corner.
0 votes Thank Flag Link Thu Jan 28, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer