Full question:
My wife and I own, and reside on a property that has two houses on it. Our son and his wife live in the second house on the same property. We want to add my son and his wife to the deed with us as co-owners. what type of deed should we use in this situation?
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: National
Answer:
A married couple may add another couple to the deed by transferring the property to them as joint tenants or tenants in common. A tenancy in common interest is distinguished from a joint tenancy interest, which passes automatically to the survivor. It is also possible to transfer property to another, while reserving a life estate in the grantor.
Deeds are typically or two standard types, a warranty deed or a quit claim deed. A warranty or grant deed contains promises about the ownership of the property and guarantees against claims by others. A quit claim deed contains no warranties and the seller doesn't have liability to the buyer for other recorded claims on the property. A quit claim deed is often used among family members when there is little question about existing ownership.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
