I NEED TO DEED THE TITLE PROPERTY BACK TO MY DAUGHTER. HOW IS THIS DONE.?

Question

MY DAUGHTER PURCHASED A HOME WITH HER FATHER AS A CO-SIGNER. WE WANT TO DEED THE TITLE BACK TO HER TO REMOVE HER FATHER'S NAME FROM THE DEED. HOW IS THIS DONE?

Answer 1

If you don't have CPA or a Lawyer, consult one.

We did something akin to this. There are some gray areas. If her father was just a co-signer (or you can take that position reasonably) his elimination of his name from the deed would be simple. There are no tax or other consequences.

It's conceivable that the house could be seen as a gift. You don't want that because it can have tax consequences. All you want is a simple change in the deed. The father will have to sign and have a notorized. paper.

It could be if you live in the right area that you could get the answer from your city or county where the deeds are file.

Answer 2

.   Pay $10 at the County Recorders Office with Dad's signature at the bottom of a Warranty Deed purchased at any bookstore.   Dad and daughter have their names on the top line.  2nd line is daughter's name alone.  3rd line is the legal description.  Since all 3 are on the original deed, just copy everything into its new place.  As soon as you pay the $10, he is off the deed. He will stay on the loan for the remaining 29 years.

Answer 3

Get with you local title/escrow company and they and work this out as they know how and have attorneys.

Answer 4

You need to keep in mind that her father co-signed the LOAN, not the deed.    His name will remain on the loan and he is still responsible to pay for the loan.  However, removing his name from the deed limits his rights to the property.    Since he has to remain on the mortgage it is a good idea to keep him on the deed as well.