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Add name on deed.

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CluelessinHawaii Guest	Posted: Mon Aug 30, 2010 11:53 pm    Post subject: Add name on deed. Like 0 Dislike 0 My 65 year old widowed sister (no children) would like to put my 28 year old daughter on the deed to her home in Hawaii. Will my daughter need to pay taxes on that? Will it be considered income? Does my sister still need to make a will? Or will she need to do a trust for anything else she owns?
Unhappy Guest	Posted: Tue Aug 31, 2010 3:03 am    Post subject: Add person on the deed Like 0 Dislike 0 you can add anyone u want if u are the owner of the property through a quit claim deed this is the simplest way. However you should state what that person's interest will be (i.e, 25% 50% etc.). In addition the total should be 100%. Check with the laws in your state about the procedure
cchung1263 Joined: 31 Aug 2010 Posts: 3 1.63 Dollars($)	Posted: Tue Aug 31, 2010 7:55 pm    Post subject: Like 0 Dislike 0 Doesn't she also need bank approval if there is a loan on the property?
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Sep 01, 2010 1:35 am    Post subject: Like 0 Dislike 0 Hi cchung, Your widowed sister will be able to add your daughter to the deed though there is a mortgage in the property. However, she will have to inform the lender about the change in ownership and there are chances that the lender will ask both of them to refinance the mortgage. Thanks, Jerry

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