Thursday, January 01, 2009

"How do I put another name on my deed?"

"Put another name on my deed" means that you want to make someone else a a co-owner of your property. To do this, you must convey an interest in the property to that person. You do this by creating a new deed that conveys an interest in the property from you (the current owner) to you and the new co-owner. This new deed should then be recorded at the registry of deeds. The filing fee for a deed is $125.

If you are selling this interest in the property to the other person, you (the seller) must also pay an excise tax based on the sales price. The tax rate is $2.28 per $500 (although a sale for $100 or less is exempt from the tax).

The registry does not provide blank deed forms. Technically, you can prepare a new deed yourself, but we strongly advise you to hire an attorney to do this for you. There are many consequences to owning a property jointly with another, so besides preparing the deed, an attorney will also advise you and your options and their consequences.

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