Adding our daughter to property title

[knieft]

Aloha all,

Any recommendations for a local real estate lawyer to do this? Does it even need to be a lawyer? My ignorance is large and don't really want to get overcharged.

My understanding is that by adding our daughter to the title, she will be the owner when her parents are dead---as opposed to inheritance tax, etc. Seems easy in Hawaii compared to many other states...

Cheers,
Kirt

[HereOnThePrimalEdge]

It sounds like you want her as a joint tenant so property is passed directly to her.  I think you need a new deed for that.  Tenants in common can add a name later, but I don’t believe the property transfers directly to her.

Another way is to set up a trust.  My parents did that & we (children) paid no taxes from the sale of their home (in another state).

[tawyna]

We did this for our daughter - just last year at the law office of the 3 Moto,s . It is called a Quit claim deed . Cost was only 300 dollars.

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Nakamoto, Okamoto & Yamamoto, Attorneys At Law, A Law Corporation
3.0(2) · Attorney
10+ years in business · Hilo, HI · (808) 961-0641
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They are the BEST in Hilo and most affordable .

[HereOnThePrimalEdge]

Quit Claim deed only takes a name off the title.  Hence the word Quit.

[Rob Tucker]

We used a Revocable Family Trust.

[tawyna]

We did the Quit Claim Deed because it transfer's over immediately without any taxes or hassles  ,

[eightfingers2.0]

Trust is the way to go. Otherwise think suit for partition sale. Not pretty.

[Obie]

Pretty easy to it like this, you just have to have great trust in that person.

How Do I Add Someone to My House Deed?
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Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership. If you have an existing mortgage on the home, simply adding the individual without the mortgage company’s knowledge may violate your mortgage terms and you still remain responsible for the mortgage payments.

Obtain a blank quitclaim deed form. You can purchase the forms from office supply stores or bookstores that carry legal forms. You can also download them online from legal forms vendors or some title companies in California.

Fill out the quitclaim deed form in ink. Make sure to include the legal description, or assessor's parcel number, on the form.

List all current owners of the property in the quitclaim deed form under the section titled "Grantor." Use the owner’s full legal name in this section.

List all current owners again under the section titled "Grantee." Add the new owner’s legal name under the "Grantee" section as well.

Gather all the grantors together and have them sign the form in front of a notary public. You can obtain notary public services at most banks or legal offices or hire one to come to you by searching for local mobile notaries online.

Record the deed at the office of the county clerk in the county where the property is located. Pay the recording fee to complete the transaction to add the new owner to the property. You can call the county recorder's office or visit its website for a list of fees and any forms you need to attach to the quitclaim deed when filing. For example, if the addition of a new owner results in a transfer tax, and you are exempt from paying a tax on the transaction, then you may need to file a Notice of Exempt Transactions along with the deed.

Can you have tenants in common with right of survivorship?
When joint tenants have right of survivorship, it means that the property shares of one co-tenant are transferred directly to the surviving co-tenant (or co-tenants) upon their death. While ownership of the property is shared equally in life, the living owners gain total ownership of any deceased co-owners' shares.

[knieft]

Thanks for the great replies. You guys are the best!

[tawyna]

Rob is correct - We chose the Quit Claim Deed for our daughter after we both pass away as we both are close to age 70 .
After that it is up to her what she wants to do .