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We own a home in Hampton, Va. My wife and I are primary on…

We own a home...

We own a home in Hampton, Va. My wife and I are primary on the deed and we have put our son on it also in case something happens to us. He recently has married and we want to make the kids the primary owners. Talking to the clerk we would have to redo the deed?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Not as of yet. Trying to find the right way.

Lawyer's Assistant: Have you talked to a VA lawyer about this?

Just one, but to only find out the cost of doing what's necessary.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Just want to make sure we do the right thing so there are no problems down the road.

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Answered in 7 minutes by:
3/15/2018
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,598
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

If you added son to the deed, then you are all equal 1/3 owners currently...there really isn't any "primary" on a deed...there are just co-owners.. But the way to change the ownership from son to "the kids" (his kids? your kids?) son would have to agree to sign a new quitclaim deed from him as the Grantor over to "the kids" (listed individually) as the Grantees.

.

That would serve to divide up his 1/3 interest among however many kids there are..

.

But if you wanted everyone to have an equal ownership interest, a new deed would have to come from you, wife and son, as Grantors back to however many people you wanted to be on the deed and have an ownership interest.

.

However, once you put someone on a deed, if they are ever sued of have debts, the creditors can come after the property as an asset and if they get sued, the judgment would automatically attach to the property... just something to be aware of..

.

.

thanks

Barrister

Ask Your Own Real Estate Law Question

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

If you added son to the deed, then you are all equal 1/3 owners currently...there really isn't any "primary" on a deed...there are just co-owners.. But the way to change the ownership from son to "the kids" (his kids? your kids?) son would have to agree to sign a new quitclaim deed from him as the Grantor over to "the kids" (listed individually) as the Grantees.

.

That would serve to divide up his 1/3 interest among however many kids there are..

.

But if you wanted everyone to have an equal ownership interest, a new deed would have to come from you, wife and son, as Grantors back to however many people you wanted to be on the deed and have an ownership interest.

.

However, once you put someone on a deed, if they are ever sued or have debts, the creditors can come after the property as an asset and if they get sued, the judgment would automatically attach to the property... just something to be aware of..

.

.

thanks

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,598
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Barrister and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
When I said kids, I should have said we want to make my son and his wife the owners.

Ok, do you want to make them the sole owners or just joint owners along with you and wife?

.

If you just want to add the wife to the deed, then all 3 of you would sign a new deed as Grantors back to all 4 of you as Grantees. If you want to make the property automatically transfer to the survivors as each owner passes, then make sure you put the language "joint tenants with right of survivorship" in the deed. That way if you and wife were to pass, then son and his wife would automatically become the sole owners without having to go through probate.

.

Any local real estate attorney or title/closing company can prepare the deed for you for around $100-150 and help get it signed and recorded..

.

.

thanks

Barrister

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Customer reply replied 4 months ago
Thank you.
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