Posted on: 01st Feb, 2010 09:07 pm
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My two daughters lost their father through a tragic accident 12/22/09. Their father did have a will and everything is to be divided equally. My youngest daughter has been living in the house, taking care of it, while he was in Florida for the winter. Both daughters do not want to sell the house. They want to keep it in the family. The daughter who is living there wants to purchase the house and pay her sister half the value. In order to get the ownership name changed from her father's name (mortage is paid off), what does she have to do? There was a personal representative named in his will. Is this something she would take care of? In talking to others they have said there is a "beneficiary deed." We just want to get her name on the deed. She plans on taking out a first homebuyer's loan, using the house as collateral, so she can pay her sister her half. Your help would be much appreciated. Thank you.
My two daughters lost their father through a tragic accident 12/22/09. Their father did have a will and everything is to be divided equally. My youngest daughter has been living in the house, taking care of it, while he was in Florida for the winter. Both daughters do not want to sell the house. They want to keep it in the family. The daughter who is living there wants to purchase the house and pay her sister half the value. In order to get the ownership name changed from her father's name (mortage is paid off), what does she have to do? There was a personal representative named in his will. Is this something she would take care of? In talking to others they have said there is a "beneficiary deed." We just want to get her name on the deed. She plans on taking out a first homebuyer's loan, using the house as collateral, so she can pay her sister her half. Your help would be much appreciated. Thank you.
Hi rsmryschaf,
Since your daughters' father left a will, the property needs to be probated. Once the probate is complete, the title will be issued in both of your daughters' name. Then, your youngest daughter can buy her sister out and have the full ownership in her name. When the title to the property is in her name, she can take out a loan against the property and pay off her sister.
Since your daughters' father left a will, the property needs to be probated. Once the probate is complete, the title will be issued in both of your daughters' name. Then, your youngest daughter can buy her sister out and have the full ownership in her name. When the title to the property is in her name, she can take out a loan against the property and pay off her sister.