My grandmother's name is the only name on the title. However, my mother's siblings want her to sign a quitclaim deed giving the house to a younger brother for $1. They have sent her the deed from an attorney and a title company to sign. She refuses. Instead, she wants to have the brother buy the house, and have the monies distributed to the other siblings. Does this need to go through probate? What will happen if she doesn't sign? All of the other siblings have already signed the quitclaim deed. The brother is living in the house and is paying the mortgage.
2006-12-06 09:08:53 · 8 answers · asked by trabear 2 in Business & Finance ➔ Personal Finance
You;ll find that no one can sell the house w/out probate....that's what the estate will need to be able to change title....no title agency will give title insurance on an intestate property.....
Under NO circumstances should your mom sign anything.....the surviving siblings share equally......
The brother has no legal standing above the other heirs just because he moved in and chose to pay the mortgage.....he's got a bad atty.....
Your mother should insist upon an appraisal......and have mom's estate go thru probate.....there might be other small assets unbeknownst to her.......The appraisal vs. the mortgage divided by three is the amount owed to your mom....plus any other assets.....
The court needs to appoint an executor to ensure that the estate is distributed legally and properly.....good luck....I hope you have your Will in place....stuff like this can rip families apart....
2006-12-06 12:19:19 · answer #1 · answered by Paula M 5 · 0⤊ 0⤋
She absolutely needs a lawyer. It's likely that the quit claim deed could be invalidated anyway.
When someone dies intestate, without a will, there's no option but to go through probate court. There are procedures in place in the law to handle these things. It's not that they couldn't all do this eventually, but she can't just rush in and sign that deed.
Transferring property prior to this could blow up in their faces. There could be tax consequences for her "selling" her share in the equity in that home to her brother for $1. Potentially even considered tax fraud!
Do NOT buckle to the siblings pressure until this has been talked over with legal counsel. In most cases, the equity in the home would be split among the siblings. It's possible they can waive their rights to any money during the probate hearings. But if they are granted that share by the court, and give it to the brother for $1, again they could have gift tax to pay, and again also, it could be seen as tax evasion.
2006-12-06 18:45:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This could be an expensive and lengthy legal procedure and with the brother in the house and paying the mortgage, your Mom is not going to get the siblings to agree with her. How long has he paid the mortgage. Did he take care of Grandma in her old age?
She should probably do as her siblings request because if she fights it she is just going to be paying some lawyer a lot of money for nothing.
2006-12-06 17:13:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If the house still has a mortgage on it, they may all end up splitting a payment instead of splitting an inheritance.
2006-12-06 17:19:13 · answer #4 · answered by Kacky 7 · 0⤊ 0⤋
THIS PROBLEM HAS LAWYER WRITTEN ALL OVER IT.
If the house is worth fighting for and your gut tells you "something ain't right", you might wanna get some legal counseling to add clarity to this HOT MESS!
2006-12-07 09:08:33 · answer #5 · answered by DaMan 5 · 0⤊ 0⤋
Eta gente curta. Todo mundo escrevendo em ingrweis.
2006-12-06 17:17:22 · answer #6 · answered by .TÔ INDO. nÃO EMPURRE 4 · 0⤊ 0⤋
I would not touch this one, call a lawyer. Be on the safe side.
2006-12-06 18:12:01 · answer #7 · answered by cruisingalong 4 · 0⤊ 0⤋
Have her see a lawyer.
2006-12-06 17:11:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋