Posted on: 11th Dec, 2008 04:03 pm
I bought my boyfriends house to save him from financial trouble. He promised to expand the house (from the sale proceeds) and asked me to put him on the deed, which I did as being naive...
The mortgage is only under my name and I am paying it alone, even though he supposes to share his portion in these payments.
Can his children go after the estate if he died? Would I have to pay them off in case if there was no equity in the house at the time of their filing?
:(
The mortgage is only under my name and I am paying it alone, even though he supposes to share his portion in these payments.
Can his children go after the estate if he died? Would I have to pay them off in case if there was no equity in the house at the time of their filing?
:(
Hi amanda!
Welcome to forums!
Yes, his children can claim his portion of the property. You may have to buy them out in case you want to get the whole property. But if you have a joint tenancy with right to survivorship, then you will inherit the property and the children will not be able to claim their portion.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, his children can claim his portion of the property. You may have to buy them out in case you want to get the whole property. But if you have a joint tenancy with right to survivorship, then you will inherit the property and the children will not be able to claim their portion.
Feel free to ask if you have further queries.
Sussane
Thank you Sussanne,
I am not sure
-what a joint tenancy with right to survivorship is?
-how do I arrange it?
-can he revoke it without my knowledge?
amanda
I am not sure
-what a joint tenancy with right to survivorship is?
-how do I arrange it?
-can he revoke it without my knowledge?
amanda
Hi amanda
A joint tenancy with right to right to survivorship means that the ownership of property is held by two or more people in which the survivors automatically gain ownership of a decedent's interest. In order to arrange it, I think, it will be better if you can consult an attorney. He will be able to draft the a deed form mentioning the tenancy with right to survivorship. As far as revoking is concerned, I don't think he will will be able to revoke it without informing you.
Thanks
A joint tenancy with right to right to survivorship means that the ownership of property is held by two or more people in which the survivors automatically gain ownership of a decedent's interest. In order to arrange it, I think, it will be better if you can consult an attorney. He will be able to draft the a deed form mentioning the tenancy with right to survivorship. As far as revoking is concerned, I don't think he will will be able to revoke it without informing you.
Thanks
amanda, please go get yourself a lawyer.
and to add to that last comment...please don't say you cannot afford a lawyer, because the truth is that you cannot afford not to have a lawyer.
Thank you for the advise...I am working on getting this done through a lawyer
amanda
amanda