Posted on: 03rd Jun, 2009 02:36 pm
My dad passed away 2 yrs ago and my sister and I were his beneficiaries. The house title is in his name with a life estate for my great uncle. The estate is finally being settled and the house will be moved into my name and my sisters name. There is an existing mortgage and equity line in my deceased dads name which we have been paying. I have since moved across the country and my sister has taken over the house.
Now that the estate is about to be settled, the house will be moved into both or our names with the life estate for my uncle listed. Since I no longer live in the house I don't want the financial responsibility of the house.
What steps would I need to take if I don't want any liability with the house only my share of the value? For example: if something breaks in the house I dont want to be forced to pay 1/2, or when the property taxes come in I don't want to be liable for that either.
Any info would be a great help.
Thanks
Now that the estate is about to be settled, the house will be moved into both or our names with the life estate for my uncle listed. Since I no longer live in the house I don't want the financial responsibility of the house.
What steps would I need to take if I don't want any liability with the house only my share of the value? For example: if something breaks in the house I dont want to be forced to pay 1/2, or when the property taxes come in I don't want to be liable for that either.
Any info would be a great help.
Thanks
hi tlb,
you can sign a quitclaim deed and transfer the property to your sister. as far as the mortgage dues are concerned, you can ask your sister to refinance the mortgage in her name so that she becomes solely responsible for the property as well as the mortgage.
thanks
you can sign a quitclaim deed and transfer the property to your sister. as far as the mortgage dues are concerned, you can ask your sister to refinance the mortgage in her name so that she becomes solely responsible for the property as well as the mortgage.
thanks
Yes, both are necessary. as a first step you transfter it to your sister by singning a quitclaim deed.
Thens ensure that sisster is going ahead for refinancing the mortgage.
Thens ensure that sisster is going ahead for refinancing the mortgage.