Posted on: 04th Jan, 2009 08:30 am
My grandmother recently passed away. She had a will and left everything to me and my sister equally. Me and my sister agree on everything so there are no issues at all.
My grandmother was living with me but owned a house in Mississippi which was being rented. It had only ben rented for a few months before she died. The lease documets were actually betwen me and the renter, and did not have her name on it. The deal we worked out while she was alive was for me to rent/manage the property and keep the income. I also paid the upkeep, insurance and mortgage.
She died in May 2008 and we let the renter stay in the house. The renter is moving in February but my sister and me want to rent the house back out. The real estate market is down so we want to wait a while before we sell the house.
I have been paying the mortgage but there were no taxes due because she was exempt and never notified the state that she moved.
The house is the only thing that needs to go through probate but we don't want to do that at this time. In MS, if we wait 3 years, we can transfer the title deed without probate.
Questions:
1. What do we do about the real estate taxes and how would we tell the state she is dead and who will then be responsible for paying them?
2. Since the house was left to us in the will, we own it but are not on the deed. Are there legal/tax issues with us renting it out like this? Can I claim the interest/expenses on my taxes as well as the income if I am not on the deed?
3. Can the mortgage company force us to do a mortgage in our name or can we continue paying it in her name (Citimortgage)?
Anything else we need to know
My grandmother was living with me but owned a house in Mississippi which was being rented. It had only ben rented for a few months before she died. The lease documets were actually betwen me and the renter, and did not have her name on it. The deal we worked out while she was alive was for me to rent/manage the property and keep the income. I also paid the upkeep, insurance and mortgage.
She died in May 2008 and we let the renter stay in the house. The renter is moving in February but my sister and me want to rent the house back out. The real estate market is down so we want to wait a while before we sell the house.
I have been paying the mortgage but there were no taxes due because she was exempt and never notified the state that she moved.
The house is the only thing that needs to go through probate but we don't want to do that at this time. In MS, if we wait 3 years, we can transfer the title deed without probate.
Questions:
1. What do we do about the real estate taxes and how would we tell the state she is dead and who will then be responsible for paying them?
2. Since the house was left to us in the will, we own it but are not on the deed. Are there legal/tax issues with us renting it out like this? Can I claim the interest/expenses on my taxes as well as the income if I am not on the deed?
3. Can the mortgage company force us to do a mortgage in our name or can we continue paying it in her name (Citimortgage)?
Anything else we need to know
hi tdmontg
if your grandmother has left a will, then i think the property will be probated. i haven't heard of the 3 year rule that will help you in transferring the property without probate. you need to check this with an attorney.
as far as including your name is the deed is concerned, once the property is probated, the will needs to be filed at the county recorder's office. this will help you in transferring the property. once the property is transferred in your name, the lender will ask you to refinance the mortgage.
thanks.
if your grandmother has left a will, then i think the property will be probated. i haven't heard of the 3 year rule that will help you in transferring the property without probate. you need to check this with an attorney.
as far as including your name is the deed is concerned, once the property is probated, the will needs to be filed at the county recorder's office. this will help you in transferring the property. once the property is transferred in your name, the lender will ask you to refinance the mortgage.
thanks.
How do I transfer a deed from my deceased parents to my name.
Hi Lisa!
Welcome to forums!
If there is no will, then you will have to file an affidavit of heirship at the county recorder's office and get the property transferred in your name. This will make you the owner of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there is no will, then you will have to file an affidavit of heirship at the county recorder's office and get the property transferred in your name. This will make you the owner of the property.
Feel free to ask if you've further queries.
Sussane