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Warranty deed?

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SandiBeach

Junior Member
What is the name of your state (only U.S. law)?
My state: Florida

Okay, my mom and dad and I went down to an attorney since he wanted to have everything drawn up, living will, giving me the house when they pass, etc.
I am just a bit curious as to why the attorney would use a warranty deed for this purpose?
They did want to keep everything out of probate but I never heard of this in FL? Their home is in need of repair and my hubby and I are having a new roof, a/c, new kitchen/bath plus entrance doors and new windows installed. Is this the reason for it? Would it have to to with capital gains taxes? TIA:confused:
 


adjusterjack

Senior Member
It's not clear what's happening so let me pick out a few things and have you answer some questions.

Okay, my mom and dad and I went down to an attorney since he wanted to have everything drawn up, living will, giving me the house when they pass, etc.
I am just a bit curious as to why the attorney would use a warranty deed for this purpose?
A warranty deed as opposed to what?

What does a warranty deed have to do with leaving you the house when they pass?

Did they execute a new deed transferring ownership from the two of them to the two of them and you as joint owners with right of survivorship?

If yes to that question, then a warranty deed is better than a quitclaim deed.

If you don't have a copy of the recorded deed, get one from the county recorder to keep in your own records.

They did want to keep everything out of probate but I never heard of this in FL?
Heard of what?

Their home is in need of repair and my hubby and I are having a new roof, a/c, new kitchen/bath plus entrance doors and new windows installed. Is this the reason for it?
The need for repairs has nothing to do with the type of deed.

Why are you repairing a house that you don't own, if you don't own it.

Would it have to to with capital gains taxes?
Might. Depends on whether you are part owner now or not.

I can see that. ;)
 

FlyingRon

Senior Member
A deed deeding what? If they created a trust and were transferring the house into it, that would be appropriate. Otherwise what was the deed transferring?

You're confused as to what the "warranty" in a "warranty deed" reflects. It means that the owner warranties that the interest he has the ownership he is transferring (that is there are no liens or other encumbrances against the property). This is opposed to the quit claim deed that grants whatever ownership the grantor has without making any representation as to the validity of that ownership.

If your parents don't understand, they should ask the lawyer for an explanation.

Frankly, YOU don't have a dog in this hunt. Unless they have deeded the property to you now (which would be very inadvisable for both them and you), this is their issue.
 

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