Full question:
I have a second house in Florida which I purchased in 2004 and made my only son as joint tenant but he did not pay anything so far. Now I want to pay off my mortgage and leave this house in my will to my 2 years old grand son ( have a trust for grandchildren and my granddaughter will get condo in Boston). Is it easy to remove my son from being a joint tenant or what should I do. My son does not need this house and will do what I suggest.
- Category: Real Property
- Subcategory: Joint Tenants
- Date:
- State: Florida
Answer:
You can remove your son as a joint tenant by creating a deed that transfers the property from both of you to yourself. If the property is solely owned by the two of you, you can use a deed to become the sole owner. However, if the deed states that you both are joint tenants, you will need your son's consent and signature to proceed.
Be aware that if there is a mortgage on the property, transferring ownership may trigger a due-on-sale clause. This clause allows the lender to demand full payment of the mortgage if the property is transferred without their consent. It’s advisable to contact your lender to discuss this situation.
A deed is a legal document that transfers ownership of real property. It must include a description of the property, the names of the parties involved (the grantor and the grantee), and be signed and notarized by the grantor. The deed must also be recorded with the county recorder's office to be effective.
There are two main types of deeds: a warranty deed, which guarantees that the grantor owns the title, and a quitclaim deed, which transfers only the interest the grantor has in the property without warranties. A quitclaim deed is often used among family members.
Joint tenancy allows for automatic transfer of ownership to the surviving joint tenant upon death, while tenancy in common does not. If you wish to change the ownership type, you can sever the joint tenancy, which may convert it to a tenancy in common.
Consult with a legal professional to ensure that you understand the implications of these actions and to help you with the necessary paperwork.
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.