Saturday Reporter-Herald April 30, 2011 E1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, April 30, 2011 • Reporter-Herald
Avoid the quitclaim deed in this case
PlushGrass
Synthetic Turfs
ILYCE GLINK TRIBUNE MEDIA SERVICES
Q
uestion: My dad passed away in 2009, and yet his name is still on the title to my parents’ property as well as a mortgage and home equity line of credit. My mother is elderly and has many health problems. Should she do a quitclaim deed to me (their only child)? And if so, if she passes away what will happen to the loans she has on her home? Answer: It’s unfortunate that your elderly parents have had to contend with two mortgages on their property. If your mom and dad owned the property jointly, your mother became the sole owner of the home when your father died — whether or not the “title” still shows your father’s name. But don’t have your mother do a quitclaim deed and transfer the property to you before she dies. This is a common mistake that many elderly parents make. Their goal is noble — to avoid having their children go through probate with the property. But what winds up happening is that you receive the property at the price she and your father paid for it years ago. You won’t get the stepped-up basis that’s available to you if you inherit the property, so the tax consequences could be significant. While tax laws may change, if you receive the property as a gift, the cost of the gift to you is the amount that your parents paid on the home. Traditionally, when parents die and leave their homes I See GLINK/Page E3
Inside this week’s Home & Real Estate
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Real Estate Transactions Listings from Front Range properties recently sold
ECONOMY (32 OUNCE) This economical turf is perfect for the person that wants green grass for children or pets, but has budget constraints. This grass has been used extensively for playing fields, parks, golf course driving ranges and is very easy to install.
Photos courtesy PlushGrass
Green things up with PlushGrass
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MAJESTIC (50, 65, 88 OUNCE) Majestic features a dual color yarn of polyethylene and one darker green yarn as thatch. This product is soft to the touch and is durable. The turf is curb side recyclable and is used in lawns, fringe, play areas or pet corrals. It has super eye appeal.
SIERRA (50, 65, 80 OUNCE) Much like its sister yarn the Majestic, this turf also features a dual color yarn of polyethylene however, with a natural light brown yarn as thatch. This product uses the curb side recyclable backing and is lush to the touch. It is great for lawns, fringe, play areas, pet corrals or simply curb appeal.
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Carol O’Meara: Plant sales benefit local causes
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