[PA] What ownership type should co-owners choose on a deed for survivorship rights?

Lexi, Chatbot

I understand how frustrating it can be when forms don't meet your needs. Have you already filled out the quit claim form, or are you in the process of completing it?

Lexi, Chatbot

Are you looking to specify ownership percentages for multiple parties involved in the property transfer?

Jessica B

Hi there! I'm Jessica B, and I'm here to help you with your real estate question. I understand you're dealing with a situation where there is no field on the quit claim form to specify percentage ownership. Are you looking to specify ownership percentages for multiple parties involved in the property transfer?

Jessica B

Got it! To add your name to the deed as a 50% owner, you'll need to make some adjustments to the quit claim deed.

First, you'll want to ensure that the deed clearly states both your wife's name and your name as the Grantees. You do not have to specifically state 50% for each since you are a married couple. By listing both of your names as Co-Grantees, it automatically grants you each 50%.

What state is the property located? This will dictate whether you need to add survivorship language.

Jessica B

If you want full survivorship rights, "Joint Tenants with Right of Survivorship" does not directly govern real property, but Pennsylvania recognizes joint tenancy with right of survivorship for real estate deeds where the deed language expressly creates it; This means that if one of you passes away, the other automatically inherits the deceased's share of the property. (20 PA Cons Stat § 8503)

"Tenants in Common" does not provide survivorship rights, as each party can leave their share to someone else in their will.

Since your spouse is the only one currently listed as the owner, then they are the only one who needs to sign the deed.

Does this help clarify things for you? Let me know if you have more questions about this!

Jessica B

No, both spouses do not need to reside in the property for it to be held as joint tenants with right of survivorship. The key aspect of joint tenancy is the ownership structure and the rights it provides, not the residency of the owners.

If you have any more questions or need further clarification, feel free to ask!

Jessica B

Yes, once you locate the original deed, you should be able to find the parcel ID number and the legal description of the property. You can copy that information into the appropriate fields on the new quit claim deed form.

Make sure all the details match exactly to avoid any issues. If everything is filled out correctly, you should be good to go!

If you have any more questions or need further assistance, feel free to reach out. I'm here to help!

Jessica B

Yes, both you and your spouse should be present when getting the quit claim deed notarized, as the notary will need to verify the identities of both parties and witness the signing. After the quit claim deed is notarized, you will need to submit it to the county recorder's office where the property is located. This is to officially record the change in ownership.

It's a good idea to check with the local county recorder's office to see if there are any additional forms or fees required for recording the deed. If you have any more questions or need further assistance, feel free to ask!

Jessica B

In most cases, you don't both need to be present to submit the quit claim deed to the recorder's office. Typically, one person can handle the submission. However, it's always a good idea to check with the county recorder's office to confirm their specific requirements.

Regarding mailing, many counties do allow you to mail in the deed along with the required fee. Again, it's best to verify this with the local office to ensure you follow their preferred process.

Jessica B

The REV-183 form, or Realty Transfer Tax Statement of Value, is used in Pennsylvania to declare the value of the property being transferred and determine any applicable transfer taxes. While I can provide some general guidance, it's important to ensure accuracy, as this form is crucial for tax purposes. Here are a few tips:

1. Parties Involved: Make sure to fill in the names and addresses of both the grantor (your wife) and the grantee (you).
2. Property Information: Include the parcel ID and legal description, which you can find on your original deed.
3. Consideration: This is the value of the property being transferred. If it's a gift or no money is exchanged, you might need to indicate that.

If you're unsure about any specific fields or want to ensure everything is filled out correctly, consulting with a real estate attorney or a professional familiar with Pennsylvania real estate transactions might be a good idea. They can provide personalized advice and ensure all legal requirements are met.

If you have more questions or need further assistance, feel free to ask!

Jessica B

For the "Parties Involved" section, yes, you should include both your names as Grantees since the quit claim deed lists both of you.

Regarding the "Property Information," the "tax parcel number" is typically the same as the parcel ID on the deed. However, it's always a good idea to double-check with your county's property records or the original deed to ensure accuracy.

If you have more questions or need further assistance, feel free to ask!

Jessica B

No, this is not a corrective deed. On the required Pennsylvania Statement of Value (REV-183) form, you should indicate that the transfer is between spouses.

Jessica B

For the exemption, you would typically choose "Other" and describe it as "The transfer is between spouses."

Jessica B

Your wife must answer those questions, since it is up to her as to what she wants to put.

Jessica B

Yes, that makes sense based on the information you've provided. Since the transfer is between spouses and you've been told it's tax exempt, you can indicate 100% for the "Amount of Exemption Claimed." For the "Percentage of Grantor's Interest in Real Estate," you would put 100% since your wife currently owns the entire property. For the "Percentage of Grantor's Interest Conveyed," you would put 50% since she is transferring half of her interest to you.

If you have any more questions or need further clarification, feel free to ask!

Jessica B

For the "Amount of Exemption Claimed," you would typically enter the fair market value of the property being transferred, as this is the amount that is exempt from transfer tax due to the spousal transfer. However, for precise guidance, especially regarding legal documents, consulting with a real estate attorney or a professional familiar with Pennsylvania real estate transactions would be beneficial. They can provide personalized advice and ensure all legal requirements are met.

Jessica B

For the "Valuation Data" section:

• Actual Cash Consideration: This is the amount of money exchanged for the property. If no money is exchanged, you might enter "0."
• Other Consideration: This includes any non-cash value exchanged. If there is none, you might enter "0."
• Total Consideration: This is the sum of the Actual Cash Consideration and Other Consideration.
• County Assessed Value: You can find this on your property tax statement or by contacting your local assessor's office.
• Common Level Ratio Factor: This is a multiplier used to equalize property values across the county. You can usually find this on the county's website or by contacting the recorder's office.

Jessica B

You're very welcome! I'm glad I could help. If you have any further questions or need clarification on this issue, please don't hesitate to ask. Have a great day!