Legal Question in Wills and Trusts in Massachusetts
How to add more name on deed after the house paid off ?
Hello,
I gave my money to my brothers to down the house and every year, I paid mortgage with them. Right now, my house was paid off (discharge) loan already. How will I add my name to the deed as co-owner of the house with my brothers? When I asked my brother to add my name on their deed, my brother explained for me that if he add my name to their deed, I need to pay tax for the value of house $300,000.00 not $110,000.00 as when we purchased it over 15 years ago. Is it correct? How much will I pay any fee for add my name on the deed? When we bought it, the house was $110,000 with 15 years mortgage loan? Do I need to pay more tax when add my name on the deed? Does the deed keep by Worcester,MA City Hall County or by owner? When we bought the house, my brothers are single, right now, they are marries so I want to add my name on the deed to avoid in the future, my sister-in-laws fired me out of the house although I am co-owner as them. I told him that I agree to pay the fee but he does not want to pay more tax so he does not want to add my name on deed. Do I need to use warranty deed or quitclaim deed form to add the name with the benefit the same as them? He told me that nobody fires me out of house. Please explain for me if you have free time. Thank you very much. Thuy
2 Answers from Attorneys
Should not be any more taxes, speak to an accountant.
To ad your name to the deed, brother will quitclaim the property to you and him, record with the Registry of Deeds.
You are doing the right thing by making sure your name is on the deed. You should always check with a tax accountant on the tax implications of a large purchase/transfer such as this, but if you have contributed your share of the value of the home, there should not be a tax liability.
You should have an attorney prepare and record the deed at the appropriate Registry of Deeds. An attorney would probably charge a small flat fee for preparing the deed, and there is a relatively low recording fee payable to the Registry.
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