Ask Bob: I am considering adding one of my children to the deed to my house on Bonaire. What are the things I need to consider?

Buying or selling a home involves a lot of things, it also raises questions. In this column ‘Ask Bob’, real estate expert/broker Bob Bartikoski of RE/MAX Paradise Homes Bonaire answers a real estate question from a reader. This time:

Question: I’m turning 80 years old, and I am considering adding one of my children to the deed to my house on Bonaire. What are the things I need to consider?

Thanks for your question, and congratulations on turning 80. This is a really good question. I normally advise people not to change the deed and add another owner because when you do that the transfer costs can be significant as you usually have to pay the 5% transfer tax and Notaris fees since you are adding a NEW owner. Instead, I usually recommend that you do the following:

• Make sure your will is current and it can be helpful to specifically mention your property on Bonaire and what you would like to have happen with it after your passing.
• In most cases property ownership that transfers to parties mentioned in the will as an inheritance is exempt from transfer tax, and the heirs only need to pay the Notaris fees.
• If the heirs are planning to sell within a short time, there is no need to transfer ownership into their name before selling the property. With the proper paperwork, the executor of the estate can sell the property on behalf of the heirs.
• If the heirs are planning to continue owning the property, then we do suggest transferring legal ownership to the heirs as soon as possible as it can be difficult and time consuming to assemble all of the required paperwork in the future  for a longer period of time, in order sell the property.
• In the USA there can also be tax advantages to transferring property upon your death, rather than beforehand.

Of course everyone’s situation can be different so you should also consult with your legal counsel and financial advisor.

Do you want to buy or sell a house in Bonaire, or do have a real estate question for Bob? email him at: [email protected]. Call for free from the US: 1-866-611-7362 or Bonaire: +599-717-7362. See all our listings here.