Posted on: 12th Dec, 2008 06:15 pm
My inlaws are having medical issues and want to sign their (virtually worthless) house over to my husband and I "in case something happens'. I believe its because they will owe medical bills and don't want the house taken from them in a lawsuit. I am fully against this because they are not trustworthy in the least and already owe us hundreds of dollars, not to mention all the emotional damage which can't be counted in dollars.
I am concerned about taxes, leins, insurance, (there is no mortgage that I know of) damage to property (ie:if their septic tank busts and flows into neighboring property). They assume to live there (rent free-this is a transfer in "name only ")and I want to know if for instance: the furnace goes out-I assume we are "legally" responsible to provide decent living conditions even though they will still consider it "their' house and won't be paying us rent.
Also wouldn't the taxes go up because we would be "renting" the property and not living there...we already own a house in another part of the state. We are just getting back on our feet financially and I want absolutely no part of this. Am I overreacting or can this go really sour?
Any info or suggestions are greatly appreciated.
I am concerned about taxes, leins, insurance, (there is no mortgage that I know of) damage to property (ie:if their septic tank busts and flows into neighboring property). They assume to live there (rent free-this is a transfer in "name only ")and I want to know if for instance: the furnace goes out-I assume we are "legally" responsible to provide decent living conditions even though they will still consider it "their' house and won't be paying us rent.
Also wouldn't the taxes go up because we would be "renting" the property and not living there...we already own a house in another part of the state. We are just getting back on our feet financially and I want absolutely no part of this. Am I overreacting or can this go really sour?
Any info or suggestions are greatly appreciated.
Hi mvberry,
As far as I know, if your in-laws already have medical bills pending, then I don't think the quitclaim deed will be of much help now. Rather this transfer of the property can be considered as a fraudulent one by the creditors. In that case, the creditors will be able to place liens even.
You can also check out a discussion on the similar topic in the given link:
http://www.mortgagefit.com/quitclaim/avoidliens-onhome.html#36822
Thanks
As far as I know, if your in-laws already have medical bills pending, then I don't think the quitclaim deed will be of much help now. Rather this transfer of the property can be considered as a fraudulent one by the creditors. In that case, the creditors will be able to place liens even.
You can also check out a discussion on the similar topic in the given link:
http://www.mortgagefit.com/quitclaim/avoidliens-onhome.html#36822
Thanks