Quitclaim deed in Florida.

[luigy39]

What is the name of your state? florida

My daughter and I own a house in Florida, this is the home where my wife and I have been living and paying for the last 10 years. My daughter wants to do a quitclaim deed and get out of title, we understand that this does not negate her responsibility of the mortgage, but she is ok with this. My question is, Will making this quitclaim deed affect the property taxes that I currently pay on the house and go up?

 

[adjusterjack]

My daughter wants to do a quitclaim deed and get out of title, we understand that this does not negate her responsibility of the mortgage, but she is ok with this.

She's OK with it? Then she has no clue as to how dangerous it is for her to have the debt without the ownership. The debt stays on her credit report. Her debt to income ratio with be used against her if she wants to buy a home of her own, or get any kind of loan, even for a car. If you have unexpected financial problems and default or go bankrupt, it destroys her financially along with you.

If you care anything about your daughter's financial future, I suggest you caution her about the risk, and arrange to refinance the home to you and your wife. Your daughter can quitclaim her ownership interest as part of the transaction.

My question is, Will making this quitclaim deed affect the property taxes that I currently pay on the house and go up?

Call your property tax agency and ask. Generally, an intra-family transfer doesn't change the tax assessment but I have no idea how your property taxes work. You're the homeowner. Find out.

 

[luigy39]

Thank you adjusterjack for your quick response. there's no financial risk as she can continue to pay the house without any problems if it came to the dooms' situation that you entertain, and yes, I am the homeowner, and I will eventually find out, and one of the resources to do that is posting a question on this forum.

 

[LdiJ]

Thank you adjusterjack for your quick response. there's no financial risk as she can continue to pay the house without any problems if it came to the dooms' situation that you entertain, and yes, I am the homeowner, and I will eventually find out, and one of the resources to do that is posting a question on this forum.

I don't know why your daughter wants to do that, but any decent financial advisor would tell her NOT to do so until the mortgage is satisfied. It would be a very bad move, and would not even remotely benefit her. The previous suggestion of you refinancing into just your name (or you and your wife doing so) is a reasonable suggestion. The other possible option would be to give her some sort of lien on the property to protect her interests, but that doesn't help the fact that her credit would still be tied up into a house that she would no longer own.

 

[luigy39]

Thank you LDiJ.

 

[zddoodah]

It shouldn't.

 

[quincy]

What is the name of your state? florida

My daughter and I own a house in Florida, this is the home where my wife and I have been living and paying for the last 10 years. My daughter wants to do a quitclaim deed and get out of title, we understand that this does not negate her responsibility of the mortgage, but she is ok with this. My question is, Will making this quitclaim deed affect the property taxes that I currently pay on the house and go up?

There can be tax and mortgage implications, among other issues, with your daughter’s transfer to you of her interest in the property. You and your daughter should sit down with a real estate attorney in Florida to go over these before moving forward.

For a look at some of the possible issues you might find with the quitclaim deed, here is a link to a (2017) Florida Bar article:

https://www.floridabar.org/the-florida-bar-journal/taking-the-quick-out-of-quitclaim-deeds/

The attorney you speak with can provide you with more up-to-date information.