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LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 34888
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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My niece is buying a small house that I own in Polk County,

Customer Question

My young niece is buying a small house that I own in Polk County, Florida. I'm holding a mortgage for her. We executed before a notary a Land Deed of Trust, and a Note for the amount of the loan. The Warranty Deed is still in my name. Do we need to put the Warranty Deed in her name, also?
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  LawTalk replied 7 months ago.

Good afternoon Adonica,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

By keeping the title to the property in your name you give yourself extra protection in the event that your niece defaults in the debt to you, as well as preventing creditors of your niece from liening the property.

However, so long as you hold the deed to the property, your niece will not be able to write off the property taxes on the home because she has no state imposed legal obligation to pay them. On the other hand, if you pay the taxes---even if you are collecting the money from your niece to pay the taxes, then you get the tax deduction for the property taxes.

As a rule, people like yourself too often act as the lender and take back a note on a property sale and fail to adequately protect themselves----and keeping title in your name provides a significant level of protection for you. Even adding her name to the title by changing the deed will not full protect you and you will lose leverage in the event of a breach of contract.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.

I wish you and yours the best in 2016,


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