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Jack R.
Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6147
Experience:  Mediator, part of the Ohio Save the Dream Foreclosure project
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I own a home in Annapolis. My daughter is a legal resident

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I own a home in Annapolis. My daughter is a legal resident of DC, now renting. We plan to buy a condo in DC, using my Home Equity Line of Credit, with/for my daughter to live in while she works and attends graduate school in Georgetown. If both our names are XXXXX XXXXX XXXX, would it disqualify her for DC Homestead Exemption? If instead we put her name on the Deed, will my investment be protected adequately by a QuitClaim Deed?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Jack R. replied 1 year ago.

Thank you for using just Answer.

 

The homestead exemption is available only to individual homeowners domiciled in the District who maintain the property as their principal residence. Since only your daughter, and not you will not be living on the property as a principal residence you would not qualify.

 

A quit claim deed like any other deed conveys full ownership of the property. A quit claim deed does not provide any guarantees of title quality Secondly a quit claim deed may not be available to you if you are financing the property. You should check with the lender if applicable. A Quit Claim deed is transfer the property and all encumbrances e.g. liens. However, a quit claim deed once properly filed, signed and recorded takes ownership out of your daughter's name and puts it in your name. Once done the property no longer qualifies for the exemption.

 

You may be better served asking an attorney to alter the language of the deed so the ownership is valid only while a certain event occur. For example the property is your daughter's so long as she attends school in DC and that property reverts to you..That way your daughter will be the owner only for the period of time she is school.

 

 

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Customer: replied 1 year ago.
I remain confused. What should I do:

A. Put the deed in both our names and waive the Homestead Exemption
B. Put the deed in her name with a caveat that she will own it for three years, after which it reverts to my name? I am sure that would confuse the DC Homestead Exemption Office from past experience in Texas, and compromise her eligibility for exemption anyway.
C. Use a QuitClaim. Since the Home Equity Line of Credit is credit against my paid-for home in Annapolis, which is solely in my name, a QuitClaim simply prevents her from selling the condo without paying my claim to protect my portion of the investment.

Thanks for your reply. I must pick up my repaired car, and will review your feedback in half hour.
Expert:  Jack R. replied 1 year ago.

If you want the exemption, use option B The language would look something like e , suppose A conveys "to B for for as long as B is in School life, and then to C.

 

A is the original grantor, B is your daughter, and C is you. Or you can purchase the property and issue a quit claim deed to you daughter that returns to you at the expiration of 3 years, or any other condition. In all cases you daughter will be the owner of the property. Your daughter will get taxed as if she was the sole owner.

 

These type of conveyances are not uncommon. Normally the condition is for the life of an individual and then to someone else.

 

A local real estate attorney can help you draft the right language. Indicate you want an executory interest or remainder in the property. The simplest approach might be to buy the property and then convey the condition interest to your daughter in a quit claim deed to you daughter..

 

Please remember the to click on OK, GOOD or EXCELLENT SERVICE so I may get credit form my answer. If you have further questions please ask. Thank

Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6147
Experience: Mediator, part of the Ohio Save the Dream Foreclosure project
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