Deed can insure child will inherit residence

REAL ESTATE MAILBAG

June 19, 1994|By Michael Gisriel

Q: Is there some way that we can put our daughter's name on the deed of a house we own so that she would receive title to the property when we die, without going through another sale and settlement?

Nancy Tutweiler, Lutherville

A: Yes. You can have a new deed prepared, executed and recorded that would add your daughter's name to the title and have the ownership interest automatically vest in her upon your death.

The cost of preparing and recording the deed in the land records should be about $250. You could consider either joint tenancy or life estate with powers in you and your husband, with your daughter being remainderman who would reserve title upon your death and your husband's death.

Q: My wife and I currently rent an apartment. We want to buy a home but don't know how to get started. Could you give us some tips?

Charles Fields, Dundalk

A: Here is a 14-point home purchase and settlement checklist you can use:

* Save at least enough money for down payment and settlement costs (usually 5 percent to 10 percent of the sales price).

* Select a real estate agent and the general areas where you might want to live.

* Locate your new home -- inspect at least three to six houses.

* Sign a real estate contract.

* Select a lender and apply for a loan (talk to at least two lenders).

* Provide the lender with required documents.

* Arrange for inspections (home inspection, termite report, well/septic certification, etc.).

* Contact a title company to arrange settlement date and do title search.

* Obtain homeowners insurance policy, pay for it and get a receipt.

* Contact utility companies.

* Check with real estate agent, lender and title company for final instructions.

* Get bank, cashier's, or certified check for settlement.

* Conduct final presettlement inspection or walk-through.

* Attend settlement and close on your home.

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