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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31729
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Im in a pickle. I own a home in FL (Broward County). In

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I'm in a pickle. I own a home in FL (Broward County). In December 2009 the company I worked for made cutbacks and I was laid off. As a result I fell 4 months behind on my mortgage payments and the bank was threatening foreclosure. It wasn't a pleasant situation and at the time everything seemed hopeless. I worked my tail off (part-time jobs), reinvented myself career-wise, qualified for a temporary re-payment plan with the mortgage company and was ultimately successful in modifying the loan entirely (sigh of relief / miracle). I then made the decision to move to IL permanently (July 2011) to pursue a new self-employed career and it was the best decision I've ever made. Moving out of FL was the only way for me to move forward professionally. The only problem remaining was the home. The market has not been good to real estate in S. FL and the home is worth substantially less than what I paid for it in 2004. When I moved to IL I allowed my mom to move into the home. There is no rental agreement between us. She simply resides there and pays the mortgage each month. It was a win-win for both of us. She's happy, I'm happy. She's been able to live in a nice home (following a miserable divorce) and I'm able to keep the ball rolling. The home is homesteaded. Going into 2012 I will no longer be able to claim the FL Homestead exemption as I will not be dwelling there permanently. I would like to make her a partial owner of the home so that she can continue to get some tax benefit out of it since she is in fact making the mortgage payments. Which leads me to my question: What is the simplest course of action / method you would recommend to pursue in order to give her partial ownership in the home so that she can continue to qualify for the Homestead exemption (albeit a 'reduced" exemption I presume)?
Submitted: 5 years ago.
Category: Real Estate Law
Expert:  Roger replied 5 years ago.

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.


The only way to transfer ownership of the property from one person to another is through a deed. You'll just have to decide how much interest you want to transfer to her.


Once you decide, you will simply issue a deed from you to you and your mother (designating the amount of interest) and have it notarized and recorded in the county land records.


Once the deed is recorded, she will receive tax benefits equal to her ownership interest.

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