Posted on: 27th Jan, 2009 10:53 am
my wife and i purchased her mother's home outright in 2002. her mother was put on the deed with a life estate. she held no equity in the home and only my wife and my names are on the mortgage. her mom died in 2008.
we are now trying to refinance our mortgage. i am being told by my loan processor that the title company is requesting we have a new deed drawn up and filed removing the life estate. i provided a copy of the death certificate to prove my mother in law was deceased but they are refusing to accept it.
it was my understanding that the life estate was effectively null and void upon the death of the grantor. is there any reason for us to pay for a new deed and pay filing fees to essentially re-deed our own house to ourselves?
please advise. thanks!
we are now trying to refinance our mortgage. i am being told by my loan processor that the title company is requesting we have a new deed drawn up and filed removing the life estate. i provided a copy of the death certificate to prove my mother in law was deceased but they are refusing to accept it.
it was my understanding that the life estate was effectively null and void upon the death of the grantor. is there any reason for us to pay for a new deed and pay filing fees to essentially re-deed our own house to ourselves?
please advise. thanks!
This is in Suffolk County, New York
Hi dhig,
Once the person is deceased, the life estate becomes null and void but the name of the deceased still remains on the deed. In order to remove the deceased person's name from the deed, the lender is asking you for a new deed. You can file an affidavit of heirship in the county recorder's office and transfer the deed in your name.
Once the person is deceased, the life estate becomes null and void but the name of the deceased still remains on the deed. In order to remove the deceased person's name from the deed, the lender is asking you for a new deed. You can file an affidavit of heirship in the county recorder's office and transfer the deed in your name.
Respectfully, I don't think an affidavit of heirship is going to do anything. And I agree that you shouldn't have to pay for a deed - unnecessary.
No, you shouldn't have to do anything except prove the life estate tenant is deceased. I am surprised that a title company would say something like that.
FOLLOW UP: In the end, no new deed required. I was able to get to the right people (beyond the paper pushing drones) and explain the details of my situation to those who respond to common sense. Only the death certificate was required to satisfy the title company.
Thanks to everyone for their input.
Thanks to everyone for their input.
My Father just passed away Jan 12, 2010. and I have medical records he stated the he had Vascular Dementia. Has ex-wife change the deed on the house May07, 2009 . The Last Will and Testament. states. Specific Devises"
A life estate in any parcel of real peoperty I am esiding on at my death to my former wife. "RESIDUE" I divise the residue (which I mean to be all other Property of my estate), to My daugther .
A life estate in any parcel of real peoperty I am esiding on at my death to my former wife. "RESIDUE" I divise the residue (which I mean to be all other Property of my estate), to My daugther .
Welcome julanna,
What I can understand from the mentioned lines is that the ex-wife will have the life estate rights to the property. She will be able to reside in the property until her death. Upon her death, the property would go to the daughter. However, your best option would be to contact a real estate attorney and take his opinion in this regard.
What I can understand from the mentioned lines is that the ex-wife will have the life estate rights to the property. She will be able to reside in the property until her death. Upon her death, the property would go to the daughter. However, your best option would be to contact a real estate attorney and take his opinion in this regard.
i think the term "residue" needs to be clarified - an attorney well-versed in estates would seem more likely to have expertise there than a real estate attorney, but then again, perhaps there's an equivalency there.
and i just found a definition, courtesy of rentlaw.com.
"residue" is defined as: what is left in an estate after all bequests have been made.
"residue" is defined as: what is left in an estate after all bequests have been made.