2006-08-03 07:06:48 · 15 answers · asked by 5446 1 in Business & Finance ➔ Renting & Real Estate
it means he wants to save you paying 40% inherit tax, its based on the value of the house at the time of death. if you have been given the house seven years before he dies you pay nothing to the gov...which is good. the 40% will be devided by seven if he dies within this time and you will pay a devision of it. its a lot of money, be thankfull he is so clever, pete
2006-08-03 07:33:28 · answer #1 · answered by PETER H 1 · 3⤊ 0⤋
It also mean you are legally responsible for the property tax (as is anyone else on the deed as an owner).
2006-08-03 07:11:36 · answer #2 · answered by calli 2 · 0⤊ 0⤋
that your name is on the deed and you are kinda like a owner of the house.
2006-08-03 07:08:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You become an owner of the house. Your father won't even be able to refinance the home without you also signing the closing documents.
2006-08-03 09:21:18 · answer #4 · answered by KL 5 · 0⤊ 0⤋
I'm not to sure but it sounds like a kind deed.
2006-08-03 07:18:50 · answer #5 · answered by deadhead_society 2 · 0⤊ 0⤋
It depends on how you hold title. But, at the very least, you are part owner of the house. You can even sell your ownership portion.
2006-08-03 07:43:48 · answer #6 · answered by CountryIsMyR&B 2 · 0⤊ 0⤋
It means you can have the house if something happends to your dad
2006-08-03 07:14:21 · answer #7 · answered by sweetgirl 1 · 0⤊ 0⤋
You are getting the house when he dies
2006-08-03 07:11:27 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If he did it without your consent or knowledge I would ask a lawyer. There are many legal ramifications. Most lawyers can give you a free consultation.
2006-08-03 07:14:49 · answer #9 · answered by cricket 4 · 0⤊ 0⤋
If he dies or becomes medically and legally unable to care for a home, you inherit by default.
2006-08-03 07:11:17 · answer #10 · answered by ty_rosewood 5 · 0⤊ 0⤋