June 29, 2009
Dear George: What day does the option period start for a residential contract? Is it when the contract is executed?
Answer: The effective date of the contract, indicated in a box below Paragraph 24 of the residential contract, is when the option period begins.
Dear George: My mother wants to add me to her home's title. She doesn't have a mortgage, and there aren't any other owners. How is this done?
Answer: Your mom needs to have a deed prepared. You then file it with your county clerk's office. Unless her estate is very large, she can probably make the property a gift to you without any tax consequences. However, you should consult with a tax professional to be sure.
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
