Phone Number: 906-387-2076 60 W. Sanilac Each type of ownership carries unique characteristics, and factors such as financial ability, family relations and marital . Record the TOD with your county recorder of deeds, and rest assured that your loved one automatically owns your house when you have passed. There are four common ways to hold title to real estate in Michigan: Tenants in Common. A Quitclaim Deed is similar to a Grant Deed in that it immediately transfers all of your interest, ownership and right in the property. Marie, MI 49783 You'll become joint tenants with rights of survivorship. http://www.baycounty-mi.gov/rod/, Benzie County Register of Deeds https://www.otsegocountymi.gov/259/Register-of-Deeds, Ottawa County Register of Deeds MI Earned Income Tax Credit, Retirement Tax, and Inflation Relief Initiatives https://keweenawbay.org/government/departments/county-clerk-register-of-deeds/, Barry County Register of Deeds Keep in mind that you may lose property tax exemptions or be charged gift taxes for adding someone to your title. The best advice is to consult an attorney who specializes in these issues regarding the specifics of your situation. P.O. Accessed April 10, 2020. Jennifer reviews, fact-checks, and evaluates wikiHow's legal content to ensure thoroughness and accuracy. how to add someone to a deed in michigan . Email: mmerchant@gratiotmi.com Some transfers are excluded from reassessment. 12265 M-32 West However, if you own the property as tenants in common and one owner dies, that owner's interest in the property goes to his heirs, and the other owner only keeps whatever she had before the death. Baldwin, MI 49304 Once it's done, you can't take it back unless the person. Phone Number: 269-983-7111 ext. 1087 Newell St. However, if you transferred the property to your spouse at your death, for example through a transfer-on-death deed, his capital gains basis would be the fair market value of the house when he acquired it. The separate interest refers to the monetary interest in the property. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/b\/ba\/1540420-1.jpg\/v4-460px-1540420-1.jpg","bigUrl":"\/images\/thumb\/b\/ba\/1540420-1.jpg\/aid1540420-v4-728px-1540420-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"

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\n<\/p><\/div>"}. https://www.deeds.com/recorder/michigan/alger/, Allegan County Register of Deeds Fax Number: 810-985-4795 His capital gain would be $900,000. Traverse City, MI 49684 301 W. Upton However, in practice, they may refuse regardless of who you're adding to your house title or why. 220 W. State St. Room 102 401 E. Houghton Ave. Phone Number: 989-832-6820 Manistique, MI 49854 http://www.mackinaccounty.net/departments/register-of-deeds/, Macomb County Register of Deeds Lansing, MI 48918-1900 Transfer on Death Deed Forms All deed forms offered here: Are available for immediate download Are fill in the blank on your computer Include step by step guide explaining every blank on the form Include completed example of forms for reference Meet state statutory requirements for content Are formatted to meet county requirements for recording https://www.accesskent.com/Departments/RegisterofDeeds/, Keweenaw County Register of Deeds Standish, MI 48658 In this case, 91% of readers who voted found the article helpful, earning it our reader-approved status. Email: jdegraaf@kalkaskacounty.org If you are added to the deed of someone else's home, you are not automatically responsible for the mortgage and payments, only if they add you to the mortgage, too. This is called tenancy by the entirety, and in states where property can be held this way, spouses who own real estate together generally own it as tenants by the entireties automatically. Fax Number: 616-632-7615 These companies will charge significantly more money than you would pay if you got a copy directly from the recorder's office. 287 W. Nepessing Street Suite 1 What or who is a trustee of a trust? Midland, MI 48640 You may also have to pay a document transfer tax. Fax Number: 269-445-4453 https://presqueislecounty.org/register-of-deeds/, Roscommon County Register of Deeds http://www.barrycounty.org/departments_and_officials/officials/register_of_deeds/index.php, Bay County Register of Deeds 401 W. Cedar Ave. E-mail:clerksoffice@macombgov.org Lake City, MI 49651 Phone Number: 517-437-2231 Laws regarding deed transfer in Michigan also allow joint tenancy, which is joint ownership between multiple owners, such as a group of business partners. She has an extended family of pets, including special needs animals. Phone Number: 231-348-1761 http://www.livgov.com/rod/Pages/default.aspx, Luce County Register of Deeds unlocking this expert answer. Phone Number: 989-345-0728 151 E. Huron Street 315 W. Green St. 407 West Harrie St. You can buy one of these policies by paying a one-time fee, which typically is relatively low. Phone Number: 989-672-3840 Ithaca, MI 48847 Fax: 231-922-2770 Mt. http://www.ioniacounty.org/register-of-deeds/, Iosco County Register of Deeds Especially with large lenders, it isn't uncommon to get a bill for the balance of the mortgage when the transfer is complete. Phone Number: 517-279-4320 Did you know you can get premium answers for this article? Box 355 Possibly enlisting the help of an attorney, you will prepare the new deed that lists the joint owner and mentions ownership interest, and then take it to get recorded at the county recorder's office. Last Updated: June 3, 2020 https://www.co.huron.mi.us/register-of-deeds, Ingham County Register of Deeds https://deltacountymi.org/register-of-deeds/, Dickinson County Register of Deeds 200 Division Street, Suite 150 https://www.gogebiccountymi.gov/government/county_offices/register_of_deeds.php, Grand Traverse County Register of Deeds 125 W. Lincoln St. Email: rod@livgov.com "What Is Joint Tenancy and When Should I Use It?" Suttons Bay, MI 49682-9718 To learn more about tax liability associated with adding your spouse to a deed, read on! Email: rod@chippewacountymi.gov To make changes to your property's deed, you must execute a new document rather than simply adding a name to your existing deed. Suite 400 https://www.stclaircounty.org/offices/register_of_deeds/, St. Joseph County Register of Deeds https://www.casscountymi.org/154/Clerk-Register-Office, Charlevoix County Register of Deeds Add language to the deed specifying what percent of the property you and the person you are adding owns, if necessary. Be aware that adding a person to your deed can cause you to lose property tax exemptions, based on how the deed is worded. Fax Number: 989-734-0506 Especially if you previously consulted an attorney, you may want to have them look over the new deed and make sure it will achieve your goals for co-ownership of your house. These exemptions vary among states. Fax Number: 906-863-8839 Fax Number: 231-627-8453 Phone Number: 269-945-1289 P.O. Information deemed reliable but not guaranteed, you should always confirm this information with the proper agency prior to acting. 806 W. Houghton Avenue, Room 104 Kalkaska, MI 49646 A trustee of a trust is the person or agent who is appointed to administer the trust. Phone Number: 906-225-8415 Michigan Treasury Online Business Services, Homeowner's Principal Residence Exemption. Box 609 Fill out the form and sign it before a notary to make the transfer legal. This is wonderful!". However, not every state has this type of ownership, and the application is different in every state. 698 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z, Alcona County Register of Deeds For example, if you are adding a spouse to your house title, the deed transfer will be exempt from reassessment in many states. Were committed to providing the world with free how-to resources, and even $1 helps us in our mission. Detroit, MI 48226 The short answer: No. However, this action can have a financially devastating outcome if you dont prepare in advance. Phone Number: 517-264-4538 515 Center Avenue Suite 102 If you are transferring an interest to your spouse, many states have laws that automatically give you survivorship rights and also protect the property from your spouse's creditors. If you need a Bell County attorney, we would welcome the opportunity to assist you. Fax Number: 989-275-8640 Fax Number: 231-779-5352 You can do your title search yourself, or you can order one from the title company that issues your title insurance policy. Even if the person you're adding doesn't give you money for ownership in your property, the lender still may view the transfer of ownership as a sale and can demand payment in full. 400 Boardman If you add someone to the property deed and you are responsible for the mortgage, your lending institution might require you to refinance the loan in both names. Phone Number: 517-543-4203 This may include information such as the statement that the transfer is forever, or that the property transfer extends to the second person's assigns. The most common way to remove someone from a deed is through a deed of conveyance, such as a quitclaim or warranty deed. "Gave me the clear directions I needed and informed me that what I really want to do, claiming as joint tenants with, "I was so happy to find this article, it answered all my questions! Spell out ownership percentages only if the parties involved are to share ownership in a split other than 50-50. https://www.mecostacounty.org/government/rod.php, Menominee County Register of Deeds Fax Number 989-539-6616 If you are adding a spouse or a child to your house title, the transfer typically will be excluded from reassessment. Phone Number: 269-383-8970 Paw Paw, Michigan 49079 Box 8645 not mine. Newberry, MI 49868 Check with a property law attorney if you want to create a joint tenancy and are unsure of the language to use. https://www.saginawcounty.com/departments/register-of-deeds/, Sanilac County Register of Deeds There are different forms of deeds depending on the situation involved. To add a spouse to a deed, all you have to do is literally fill out, sign and record a new deed in your county recorder's office. If you do not specify the type of ownership, the ownership will be presumed to be tenancy in common. The gift tax applies if you transfer ownership of property and receive nothing in return (or receive less than market value for the ownership interest you transferred).