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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 33530
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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I need to add a name to a Florida deed in the least ...

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I need to add a name to a Florida deed in the least expensive way possible. I live in PA and have Power of Attorney for current owner, who has dementia but has not been legally declared incompetent. Condo Assoc. advises me to add my name so I can lease condo or sell if needed. Relative needs assisted living/nursing care and needs the money deperately.
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  socrateaser replied 6 years ago.

Dangerous to transfer a deed from your principal to yourself under a power of attorney. You have a fiduciary duty to the principal, and your transfer could be construed by a court as self-dealing and a conflict of interest.

Not saying that this would ever happen, however, a disgruntled beneficary of the owner could sue the spit out of you and might succeed. So, you may want to have the various beneficiaries of the owner sign a consent stating that they have been informed as to the purpose and effect of your action and that they each consent.

Then, if the owner can sign the deed, and he/she hasn't been legally judged incompetent, then you can have him/her sign a deed from him/her to him/her and you, with a notary there to acknowledge the signing. Then record the deed with the county and you're good to go.

Warning: depending on how you take title, the property may be reassessed for property taxes.

 

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Customer: replied 6 years ago.
Reply to socrateaser's Post: I am the only beneficiary. Only need to rent or sell to pay for her care. Have her will to prove that I am named heir, if anyone would inquire. Keeping clean paper trails to show money all used for her. If not needed, would just inherit but I think will be needed for her care.
Expert:  socrateaser replied 6 years ago.

Doesn't appear that anyone would inquire. Still advise that you have her sign if you can.

Also you should contact the Florida Dept. of Revenue at: http://dor.myflorida.com/dor/taxes/general_tax_info.html, and ask whether your proposed transfer will trigger a property tax reassessment.

Customer: replied 6 years ago.
Still need to know HOW I can inexpensively add my name to the deed. It is a partial transfer (my name with hers) and because I'll probably need to sell it, tax reassess won't matter. Could you add my name to a deed for a limited fee or instruct me about steps?
Expert:  socrateaser replied 6 years ago.

Here's an example of what you could do: http://www.uslegalforms.com/fl/FL-02A-77.htm (see the free preview for more step-by-step info).

The result of recording the the above-referenced deed form with the county clerk would cause title to be transferred from the owner to the owner and yourself, and upon either of your respective deaths, the other person would obtain title to the entire property.

Note, that I am not suggesting that this is the only possible way to transfer title in your circumstances. However, I do not have sufficient knowledge of all the relevant facts and circumstances to do more than provide you with the above example.

I am not trying to be evasive or uncooperative. However, there are limits to the sort of information that I can provide to you in this forum. If you have questions about those limits, please review the "IMPORTANT LEGAL INFORMATION" link below.

socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 33530
Experience: Attorney and Real Estate broker -- Retired (mostly)
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