How would my father go about adding me to the deed on his house?
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How would my father go about adding me to the deed on his house?
In case something were to happen to him and keep from state getting it?
Asked on July 14, 2015 under Real Estate Law, Colorado
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You need to have him execute a new deed which effectively gifts you part of the house. Do not simply pull up a deed online. You need to visit with a real estate attorney before you decide which deed is most appropriate for your father's situation. If your dad is about to apply for certain government benefits or file for bankruptcy, then the transfer could be considered a sham transfer. An attorney can help you with the appropriate timing.
You also want to make sure that you execute a deed that minimizes the tax consequences to yourself. Again, a real estate attorney can help you zone in on the type of deed that will best suit your needs.
I know it sounds a bit over cautious to refer you to a real estate attorney, however, you don't want to execute a deed where the effects cannot be undone later, if need be.
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