Owning a home in New Jersey brings with it a lot of responsibility. From maintaining the home to ensuring no one gets injured while on your property, home ownership takes quite a bit of effort. Many New Jersey residents retire out of the state after spending their entire lives here. When they do so they might want to turn the ownership of the home over to their adult children. So, how is a home willed to an adult child?
One of the most common ways a person can will one’s home to an adult child is through the use of a gift deed. A gift deed transfers ownership of the property from one person to the other as a gift. When using a gift deed there is no exchange of money in the transaction, just the updating of the deed. The transaction requires two witnesses not connected to it to sign the document.
A quitclaim deed is another way to transfer ownership of a home to an adult child. Both the owner and future owner sign the paperwork in front of a real estate attorney. This type of deed helps protect the grantee from taxes. The deed has to be filed with the county where the property is located and it becomes a legal form for transfer of the property.
If you are ready to turn your home over to an adult child, it’s best to know how to make it happen legally. You don’t want to put your child in any legal trouble regarding ownership of the home, especially if they want to sell it not long after taking ownership in Jackson.
Source: SFGate, “How Do Parents Sign Their House Over to Their Adult Child?,” accessed Jan. 26, 2018