Does the concept of fraud frighten you? It should.
The only ones who can legitimately convey and/or add an interest to property are those who hold legitimate title, as would be evidenced by legitimate deeds recorded in the real property records of a local county, or smaller entity, depending on the jurisdiction.
Any deed adding someone to the title would also have to be signed by the holders of record; they're the only ones who can convey interest in title. It's not something someone can do for oneself. Unless you're already in the chain of title, you have absolutely no authority to add your name to existing title records.
In addition, your adding your own name and recording a falsified deed would put a "cloud" on title, as it's described in real estate terminology. At some point at which the legitimate owners may want to sell, that cloud on title could hold up the transfer until it was resolved, in or out of court.
I don't understand how your false ownership of property would address and/or solve the "drama" in the household. Could you elaborate? What other methods have been tried?
I think to have your name put on a deed, it needs to be done by a lawyer. I was put on my husbands after we married and I think a lawyer has to draw up a new deed. When selling Moms house, the lawyer made up a new deed fir the new owner. I have my parents deed showing all the changes made to the "farm" over 123yrs.
That I know of you cannot willy-nilly go about the world putting your own name on the titles of homes belonging to others. That's only a lay person's opinion. Check with your attorney. And consider checking with your parents for that matter.
If you do that (and YOU can't -- they would have to do it), then you want to sell the house, you'll be paying capital gains taxes on the difference between what they paid for it and what you sell it for. Depending on how long they've lived there, that can be a serious chunk of change. Ex. My folks bought their house for $45,500 in 1969. If I'd been added to the deed or the house was signed over to me, that'd be my cost basis. The house is worth over $2 million now, so I'd be paying taxes on the difference between $45.5k and $2 million, or $1,954,500. (It's California -- real estate is nuts here.)
If you inherit the house instead, you get a stepped-up cost basis, and that's the value of the house on the day you inherit it. My parents' house was worth about $100,000 less than it is now when my mom died last July, so my cost basis is around $1,900,000, and I'd only have to pay taxes on the difference between that and what it sells for. BIG difference. ($293,000 in taxes in the first scenario vs. $15,000 in the second.)
Check with a CPA before considering anything like that.
I’m not sure how putting your name on a deed reduces the drama?! I would suggest you take your parents to a certified elder attorney before you change any legal documents. You can inadvertently cause them to lose out on medical care they may need in the future.
The only ones who can legitimately convey and/or add an interest to property are those who hold legitimate title, as would be evidenced by legitimate deeds recorded in the real property records of a local county, or smaller entity, depending on the jurisdiction.
Any deed adding someone to the title would also have to be signed by the holders of record; they're the only ones who can convey interest in title. It's not something someone can do for oneself. Unless you're already in the chain of title, you have absolutely no authority to add your name to existing title records.
In addition, your adding your own name and recording a falsified deed would put a "cloud" on title, as it's described in real estate terminology. At some point at which the legitimate owners may want to sell, that cloud on title could hold up the transfer until it was resolved, in or out of court.
I don't understand how your false ownership of property would address and/or solve the "drama" in the household. Could you elaborate? What other methods have been tried?
What is the drama?
That's only a lay person's opinion.
Check with your attorney.
And consider checking with your parents for that matter.
If you inherit the house instead, you get a stepped-up cost basis, and that's the value of the house on the day you inherit it. My parents' house was worth about $100,000 less than it is now when my mom died last July, so my cost basis is around $1,900,000, and I'd only have to pay taxes on the difference between that and what it sells for. BIG difference. ($293,000 in taxes in the first scenario vs. $15,000 in the second.)
Check with a CPA before considering anything like that.
I would suggest you take your parents to a certified elder attorney before you change any legal documents. You can inadvertently cause them to lose out on medical care they may need in the future.