Wanting to maintain homestead

[Sam Y.]

I recently sold my home on contract to a family member...who happens to be contractor. It's a 5-yr balloon. He has already put several thousand dollars in improvements into the property. The mortgage is still in my name.

Since I am no longer residing in the property, I no longer qualify for the homestead exemption. My question is: should I do a quit claim to add my relative to the deed so the property can claim homestead? I know there is a bit of a risk here, but with the improvements being put into the property I am very confident my relative will not be walking out on the deal.

Thx