Do you know the difference between a quit claim deed and a warranty deed? A life estate and an enhanced life estate? Choosing the wrong type of deed can have significant consequences.

Transfers of Real Property (Deeds)

We can assist you with the preparation of quit claim deeds (although these are rarely the appropriate choice in deeds), the creation and execution of life estate deeds, transfer upon death deeds (also referred to as “Lady Bird” deeds); deeds transferring real property into trusts or out of trusts, leasehold estate deeds, and warranty deeds. What type of deed is appropriate in a particular situation often depends on what type of ownership change is occurring and the goals of the parties involved. Additionally, some transfers, though permissible, may not be advisable given the circumstances of a particular individual. You should always consult with an attorney before transferring real property or re-characterizing its ownership. Failure to make an informed decision could result in the loss of tax exemptions, the resetting of the Florida Save Our Homes Cap, endangering of future Medicaid benefits, exposing of the property to creditor claims, and other unintended results.

 

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