Posted on: 14th Mar, 2008 09:19 am
My mother who ownws 40 acres has set up a quit claim deed.My sister and i are on that deed.If my mother passes will we be owners of yhe land and will we both have to agree on what to do with the property such as selling ect?If any one else is added to the quit claim will they have to agree also .What are the best options for my sister and my self to insure ownership and power to sell or keep the land in the event of my mothers passing
Hi Robin,
Welcome to the forum.
Has she quitclaimed the property to you?
If your mother has quitclaimed the property to you and your sister, then both of you are the owners of the property and yes if you want to sell the property then you will need to take the other owner's consent before selling the property.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Has she quitclaimed the property to you?
If your mother has quitclaimed the property to you and your sister, then both of you are the owners of the property and yes if you want to sell the property then you will need to take the other owner's consent before selling the property.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Robin, is your mother on the deed currently? If yes, then you will ahve to remove her name from it after she passes away. Know How to remove deceased owner from an earlier discussion at http://www.mortgagefit.com/know-how/deceasedownerproperty.html .
I don't know what you mean by "set up" a deed. If she has delivered the deed to you, you own the property. If not, you don't own the property.
The proper way to transfer property at death is by a will.
If you both take the property in a deed, it depends on how you take title. You can take as joint tenants, as tenants in common, or in some other capacity. The default is tenants in common. In that case, you must agree to do something with the property. Otherwise, you have to sue the other owner to have the court divide the property.
The proper way to transfer property at death is by a will.
If you both take the property in a deed, it depends on how you take title. You can take as joint tenants, as tenants in common, or in some other capacity. The default is tenants in common. In that case, you must agree to do something with the property. Otherwise, you have to sue the other owner to have the court divide the property.
