Posted on: 05th Apr, 2010 12:46 pm
Dear Mr. Heard,
My father-in-law has passed away and before he did, he and my mother-in-law signed a warranty deed, giving the property to their three children upon their deaths. In the deed is a clause stating that they can live on the property as long as they want and that they get any money that is generated from the property (they have gas/oil wells in East Texas). We have moved my mother-in-law to a senior facility close to her children and wants to sell the property (She's 85 yrs old and can no longer take care of the property). All of her children agree that that would probably be the best because none of them live near the property either. What do we have to do to change the warranty deed? Also, would she have to pay taxes on the property if she sells it? It's been almost five years since she's lived there and the property has been rented--we just charge enough money to pay the taxes and to have someone in the house so it's not vacant.
Thanks,
Jan
My father-in-law has passed away and before he did, he and my mother-in-law signed a warranty deed, giving the property to their three children upon their deaths. In the deed is a clause stating that they can live on the property as long as they want and that they get any money that is generated from the property (they have gas/oil wells in East Texas). We have moved my mother-in-law to a senior facility close to her children and wants to sell the property (She's 85 yrs old and can no longer take care of the property). All of her children agree that that would probably be the best because none of them live near the property either. What do we have to do to change the warranty deed? Also, would she have to pay taxes on the property if she sells it? It's been almost five years since she's lived there and the property has been rented--we just charge enough money to pay the taxes and to have someone in the house so it's not vacant.
Thanks,
Jan
Hi grandmajanwhite!
Welcome to forums!
If the property is in the name of the children, then they will be able to sell off the property. They will have to list the property in the market. As far as the life estate clause mentioned in the deed is concerned, I think she should contact an attorney and take his opinion in this regard. The property is in the name the children, so if the property is sold off, then they would be responsible for the capital gains taxes, if any.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property is in the name of the children, then they will be able to sell off the property. They will have to list the property in the market. As far as the life estate clause mentioned in the deed is concerned, I think she should contact an attorney and take his opinion in this regard. The property is in the name the children, so if the property is sold off, then they would be responsible for the capital gains taxes, if any.
Feel free to ask if you've further queries.
Sussane
You can sell the property and all must sign the deed transferring the property to the new owner.
