Posted on: 04th Aug, 2009 02:37 pm
My mother left me her property in a will with my brother she died 6/21/09. I am co-signer on a refi loan (67k)and my mother had a smaller (20k)line of credit loan. In order for me to get loans in my name i need to have my name on property deed. My brother doesn't wish to be on the deed and has relinquished his interest in the estate. I am currently the executor of her estate. In Pennsylvania the state gets an inheritance tax which i haven"t done yet. How do i proceed?
Hi jjunk!
Welcome to forums!
When you cosigned for the loan, wasn't your name added to the property deed? As far as I know, the lender wants the cosigner to be added on the property deed.
The property needs to be probated first as your mother has left a will. Once the probate is complete, your brother will receive the property. Then he can use a quitclaim deed and transfer the property to you. As far as inheritance taxes are concerned, you should contact a tax adviser and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
When you cosigned for the loan, wasn't your name added to the property deed? As far as I know, the lender wants the cosigner to be added on the property deed.
The property needs to be probated first as your mother has left a will. Once the probate is complete, your brother will receive the property. Then he can use a quitclaim deed and transfer the property to you. As far as inheritance taxes are concerned, you should contact a tax adviser and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
what is the average time and cost to have an attorney draw up a new deed?
Hi jjunk,
Both the average time and cost would vary from attorney to attorney. If there's an urgency, you can request your attorney to draft the deed asap.
Both the average time and cost would vary from attorney to attorney. If there's an urgency, you can request your attorney to draft the deed asap.