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JPol513 · Joined: 29 Jun 2008 Posts: 1 1.40 Dollars($)

When to file a quit claim deed. Homestead exemption ramifications. My mother in law wants to transfer title to her son and daughter via a quit claim deed. One attorney suggests it not be recorded until her death. She is concerned that if it is recorded now she will lose the MI Homestead tax credit ($1200) that she currently is allowed. What problems could be encountered if waiting to her passing to record it and if she records it before her passing will she still be allowed the Homestead exemption?

Thank you.

jameshogg

Hi Jpol,

Welcome to forums.

Your mother-in-law can transfer the title to her son and daughter either by a quitclaim or a life-estate. If she signs by a quitclaim deed, and still wants to claim for the homestead credit, then she will have to sign a written agreement along with the transferees. This agreement should state that your mother-in-law will be allowed to remain in the home till death. And this agreement must be notarized and recorded at the Registrar of Deeds.

Alternatively, if your mother-in-law signs a life-estate, then she need not sign on a separate agreement. The son and daughter will automatically get property after her death just because the life estate deed has been executed.

Thanks

Guest

My father died in august of 2008. He left my brother and 3 sisters and myself with 3 different properties in 3 different counties in the state of michigan. The quit claim deeds were dated april of 2001. An assessor on the property in the upper pinensular uncapped the property taxes for 2002 thru 2008. He is going by the date on the deeds. He hit us witha $9,000.00 bill for back taxes, fines and interest. All 5 of our names are on the deeds and according to the will we were tenants with rights to survivorship. I have appealed this to the tax tribunal in lansing, michigan. HELP.

Guest

Hi

You did right in appealing this to the tax tribunal. I think consulting a tax consultant or a lawyer will be well worth your while as they are the best people to help you out with this.

Guest

quit claim property to daughter five years ago now she quit claim it back to me , i paid all taxes over the years and originally bought house have all bills

jameshogg · Posted: Mon Jun 27, 2011 11:32 pm Post subject:

Hi singh,

Your query has been replied in the given page:
http://www.mortgagefit.com/quitclaim/daughter-property.html

Take a look at it. I hope it will help you.

Thanks

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