Posted on: 23rd Jun, 2008 07:28 am
my brothers and i are thinking of having my father sign a quit claim deed and file it with the register of deeds so that upon his eventual death, the property will pass to us. this in addition to his existin will that states that we inherit the house and that it is to be sold and split three ways. dad has complicated the situation by moving the neighbor lady in with him. how is this likely to play out if he never marries her and should we pursue the quit claim deed or is there another option?
Hi,
Welcome to the forum.
There are various options and as your father owns the property he will have to decide. He can simply quitclaim the property to you or use a ladybird deed. In that case he will own the property as long as he lives and then the property will be transferred to you. He can even include the "neighbor lady" in the deed. So, better consult with your father asked him to quitclaim with a Ladybird deed.
If you want to know more about ladybird deed you can check this out - http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Hope this will help you.
Feel free to ask if you have any questions.
Best of luck,
Larry
Welcome to the forum.
There are various options and as your father owns the property he will have to decide. He can simply quitclaim the property to you or use a ladybird deed. In that case he will own the property as long as he lives and then the property will be transferred to you. He can even include the "neighbor lady" in the deed. So, better consult with your father asked him to quitclaim with a Ladybird deed.
If you want to know more about ladybird deed you can check this out - http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Hope this will help you.
Feel free to ask if you have any questions.
Best of luck,
Larry