Agree and note in detail who will be receiving the property (or a spouse’s half share in the property) as well as who will be liable for the transfer costs. This transfer takes place outside the probate process. Transfer Duty 1470. Contact your lender if you're paying a mortgage. Here are several ways to manage your estate. A deed transfer may trigger a full payment on your mortgage. At the death of the first spouse, the surviving spouse inherits the house. TRANSFERRING YOUR HOUSE TO YOUR CHILD 12th Jul 2017 / in General News / by admin. For example, if you are adding a spouse to your house title, the deed transfer will be exempt from reassessment in many states. However, if you own a home by yourself, and want your partner to get it when you die, it’s rarely a good idea to change the title to a joint tenancy just to achieve this result. Adding a name to a house title is most commonly used in family changes: A couple marries and wants both names to be on the title or a parent wants a child to be added to the deed. Once the lienholder has given consent to add your spouse, most states require that the lienholder fill out a form stating that they granted permission. But the rules vary from state to state, so legal advice is key. Taking title to a house in joint tenancy is an effective way to pass it on to the survivor without going through probate (and with no need to include it in a will). The deceased’s spouse’s half share will need to be transferred to the surviving spouse at the Deeds Office either by endorsement (if married in community of property) or by formal transfer (if married out of community of property). Adding Children’s Names to House Title and Deed A: The question we get most often on this topic is how does adding a child’s name to the title of the property affect taxes. To include your name on the Certificate of Title, you will need to have an interest or share in the property. Adding your wife to the deed requires selection of an ownership type. But there are costs involved, even when the property is a given as a gift. If you are separated and no longer in the house, you can take them off your policy.” However, as with most rules, there’s a catch. A person who is in a qualifying spousal relationship with a South African and who wishes to stay in South Africa with their SA spouse, is entitled to apply for one of two categories of temporary residence permits. In some cases, when someone is removing an ex-partner from the title they are also adding their new spouse to their title. Transferring title Otherwise, probate is needed to legally transfer the title to the surviving life partner. My mother and my uncle built a house in South Carolina in the late 1980s. Will this help avoid probte? Adding a person other than a spouse or child to the title can result in higher property taxes. 4. Similarly, when people are married in community of property, the spouse immediately becomes the owner of a half-share of the property without having to pay any transfer duty. These details are: The names of the existing owner as well as the previous owner. A deedholder (even one who holds only a percentage of the property) can take out mortgages and loans, tear down your house or sell the property. The general rule in terms of the Deeds Registries Act 47 of 1937 (“the Act”) is that ownership of property is transferred to a new owner by means of a title deed being registered with the Registrar of Deeds. ... South African COVID-19 Resource Portal. Hi there. You can add your partner’s name to … Although transfer duty is exempt if a property (or half share in the property) is disposed from one spouse to another in terms of a divorce, the transfer costs will still be payable. Tenancy by the entirety, permissible in some states, is essentially joint tenancy with right of survivorship. If the home has a mortgage, you'll need permission from the lender before you make any changes to your title. Reasons you might get a quitclaim deed include. An executor of a will or an administrator of an intestate estate can transfer property by using an executor's deed or an administrator's deed. Transferring or gifting property to a family member can be as simple as submitting a property transfer form . Immovable property is any land (whether improved or not) such as a dwelling, a house, a farm, a vacant erf or a sectional title unit.