Can a family member sell a property without your permission?

Your sisters could hypothetically sell their two-thirds interest in the property without your permission. However, they would need to obtain a court order before they could force you to sell your one-third interest in the property.

Can a surviving child sign a real estate deed?

If you pass on, and your surviving child is named on the home deed, the child is under a legal disability. Children under 18 lack the capacity to sign binding contracts in most states. This can tie up the property in unintended ways. Say, for example, your surviving spouse needs to sell the home.

What kind of deed do I need for my house?

Mortgage Deed A mortgage deed is a document signed between a homeowner and a bank or lending institution, allowing said institution to put a lien on the property if the loan isn’t repaid.

What happens when you add someone to your real estate deed?

A deed that conveys an interest in your real estate ownership (“adds someone on”) has the legal effect of giving that additional person the same bundle of rights to which you are entitled. Once the conveyance happens, it cannot be undone except with that other additional owner’s consent.

What happens when you add a family member to the deed of your home?

You add another family member to the deed as a joint owner of your home so that it will pass to them automatically upon your death. So, what are the tax implications of this? Adding a family member to the deed as a joint owner for no consideration is considered a gift of 50% of the property’s fair market value for tax purposes.

Can a grant deed be transferred to a family member?

Warranty deeds, sometimes called grant deeds, come with a guarantee to the new property owner that you have good title to the property and no one else has any stake in it or claim to it. Because they are so complicated, warranty deeds typically aren’t used to transfer a house to a family member when no money is exchanged.

Mortgage Deed A mortgage deed is a document signed between a homeowner and a bank or lending institution, allowing said institution to put a lien on the property if the loan isn’t repaid.