As for whether or not to add the child's name to the real estate deed, many people may take it for granted. However, this practice is not without risks, and parents and friends need to understand the pros and cons as early as possible to avoid losses.
Two benefits
1. Avoid taxes and fees: The transfer of the house to the children must be through the sale and purchase, gift, inheritance of these three ways, but all need to pay a handling fee, if the house is directly registered in the name of the child, it can not only save the trouble of transfer, but also save a lot of taxes.
2. Avoid the risk of bankruptcy: The property registered in the child's name is owned by the child independently and will not be affected by the bankruptcy of the parents
Two inconveniences
1. The title of the house may be inherited by the child's spouse: If the child owns the property jointly with the parents when he is a minor, the title deed in the child's name will be divided among the heirs or spouse in the event of an accident
2. Mortgage and transfer troubles: If the child needs to mortgage or transfer the property, the consent of the child and the relevant procedures need to be obtained.