Home arrow Mortgage Forums arrow Budgeting and Personal Finance arrow

If I do a quick deed to add my son to the property can he ge
Author Message
Bookmark
Bookmark Delicious Add to del.icio.us
Bookmark Yahoo Web Add to YahooMyWeb
Bookmark Simpy Small Add to Simpy
Bookmark Blinklist Add to BlinkList
Icon Mini Profile grandpa42





Joined: 07 Jan 2009

Posts: 1

1.54 Dollars($)
Post Posted: Wed Jan 07, 2009 6:55 am    Post subject: If I do a quick deed to add my son to the property can he ge
Like 0
Dislike 0
If I do a quick deed to add my son to the property can he get homestead on the property...I turned my other home over to my son where I cant afford it. He is paying me everything mortgage taxes utilities etc. Can he file for homestead so he can save that money where I already have homestead on my home I live in.
Any helpwould be appreciated
Icon Mini Profile jerry
jerry
Moderator



Joined: 17 Oct 2005



Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
Post Posted: Thu Jan 08, 2009 2:32 am    Post subject:
Like 0
Dislike 0
Hi grandpa,

The homestead exemptions are removed when you transfer the property to someone else. The new owner will have to apply for the homestead once again. However, the new owner will have to prove that the property is his principle residence. So your son will have to prove that the property is his primary residence and apply for a homestead.

Thanks,

Jerry
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1