Legal Question in Real Estate Law in Virginia
I am trying to put my son's name on the deed to my house and I live in Virginia they are telling me that I need an exemption code for this or I will be charged alot in taxes which I do not have the money for I found them on a website but which one would I use for this
2 Answers from Attorneys
Without knowing what these various codes represent and how one or more of them might be
applicable to your particular situation to permit you to avoid having to pay the real property transfer tax, I doubt that anyone in this particular forum could possibly say.
A deed of gift is tax exempt. But not only to get the code section, but to make sure that this makes sense, you really should consult with a lawyer. Adding someone to your deed may have serious consequences for other taxes besides recordation tax, and renders the property subject to judicial sale in the event of a judgment against the person to whom you deeded it, or in the event of his bankruptcy.
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