Is a "deed of trust" the same thing as a deed? legal disability. How-to: Steps to make and record a new deed. Different states can have different The idea is that they'llinherit the property from you automatically because they already "own" your property. judgment against the additional title holder can put the home at risk. What Is the Current Estate Tax Limit, Rate, and Exemption? risks and potential frustrations. Be careful when selecting a sample. For this reason, some homeowners who put significant This allows you to pass some of the ownership to another person. In a quitclaim deed, the grantor makes no promises that they have a good title to the property. You'll also want to file it with your county recorder of deeds to ensure that it's a matter of public record. Deeds and other documents stored in land records are open to the public. Read our, The Lifetime Exemption for Federal Gift Taxes, Tax Considerations When Selling Gifted Property, How To Protect Your Estate and Inheritances From Taxes, How the Generation-Skipping Transfer Tax Exemption Works. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership. The new deed must then be recorded in land records. Copyright 2023 Maryland Judiciary. Clerks at the Land Records Department can answer some questions about the fees you need to pay and where you must go to pay them. You are not required to update your deed to reflect your name change. Whats the difference between a deed and a title? It doesn't become part of your probate estate because it passes directly to them by operation of law when you're no longer alive to co-own the property with them. For example, the creditor could put a lien on or seize the property. For example, if you are adding a spouse to your house title, the deed transfer will be exempt from reassessment in many states. efficiency without undue risk. ", The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Evaluating Financial and Legal Consequences, {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/3\/3e\/Add-Someone-to-Your-House-Title-Step-1.jpg\/v4-460px-Add-Someone-to-Your-House-Title-Step-1.jpg","bigUrl":"\/images\/thumb\/3\/3e\/Add-Someone-to-Your-House-Title-Step-1.jpg\/aid9653557-v4-728px-Add-Someone-to-Your-House-Title-Step-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"