Posted on: 20th May, 2010 08:44 pm
Purchased a small weekend vacation property with my son in law. Since I am now doing my estate, I am trying to determine the law in regards to beneficiary and whether if I pass, my son in law legally owns property 100% or will my share transfer to my beneficiary, in this case my wife.
Our mortgage is a warrenty deed with vendors lien that I can see, with no special notes that I can find.
It is both our intentions to also add my son to the ownership of the property, as a third partner. What are the issues involved in that.
Thanks ol black hole in outer space of the internet. Does this really work?.
Our mortgage is a warrenty deed with vendors lien that I can see, with no special notes that I can find.
It is both our intentions to also add my son to the ownership of the property, as a third partner. What are the issues involved in that.
Thanks ol black hole in outer space of the internet. Does this really work?.
Hi Ken!
Welcome to forums!
If you want your son-in-law to own the property fully, then you can sign a quit claim deed and add his name to it. The ownership of the property would be "joint tenancy with rights of survivorship". After your death, your son-in-law will become the owner of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want your son-in-law to own the property fully, then you can sign a quit claim deed and add his name to it. The ownership of the property would be "joint tenancy with rights of survivorship". After your death, your son-in-law will become the owner of the property.
Feel free to ask if you've further queries.
Sussane
It depends on how you hold title. By default, it is Tenants in Common which means your share will pass to your heirs. Or it can be Joint Tenants which means it will pass to the son in law. To give a third party a share, prepare a Grant Deed from the current title holders to all new title holders, ie from A and B to A and B and C.
Wow, I appreciate your responses. When used correctly, the internet is the greatest of all forums.
Since we have a working budget at the vacation property that goes to upkeep, we have been trying to keep our costs down for legal things. So, the free advice is greatly appreciated.
But, it seems a trip to the local real estate attorney is in order to complete Jheard's advice.
I will save this link for my friends to use and tell them the great advice.
Since we have a working budget at the vacation property that goes to upkeep, we have been trying to keep our costs down for legal things. So, the free advice is greatly appreciated.
But, it seems a trip to the local real estate attorney is in order to complete Jheard's advice.
I will save this link for my friends to use and tell them the great advice.