I want to transfer my condo unit which i own free and clear to my mother's name and my name off course. so it will be two names on the deed. I want to know if i don't live with her, can she qualify for homestead exemption. By the way, i have my own place. I will not live with my mom.
therefore Two name on deed. Can one person claim homestead exemption?
Yes so long as she lives in it and Is on title and doesn't claim another property she can claim homestead exemption. Depending on her age she may also qualify for the senior citizen exemption
Probably the best way to accomplish your purpose is to transfer the property to your mother for her life, giving the remainder to yourself (this way the property would pass to you automatically on her death and she would be entitled to a full homestead exemption during her life time). You will want to convey by warranty deed rather than quit claim deed so that you can preserve your title insurance coverage after the transfer. You should contact an experienced real estate lawyer in your area to help you with this transfer, because it is something that can cause problems if it is not done correctly.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
If title is in both names with right of survivorship then Mom will qualify for the homestead tax exemption, provided she permanently resides in the house. It is highly recommended that an experienced real estate attorney draft the Warranty Deed to avoid title issues that may result when an inexperienced person prepares a Deed.
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