real estate questions?

Question

My mother just bought a house 6 months ago and I was listed on the papers as co-owner. I also signed all of the paperwork. What happens with the house if my mom needs to go into a nursing home? Do I have to sell it?
Thanks!

Answer 1

no just have her sign a quit claim warranty deed donating her half to you .. im not a lawyer but recently have had situations like this.. its very easy and not a hastle

Answer 2

Based on what you said you are a co-owner. This means that you re responsible for the property along with her. Mortgage, property taxes, maintenance.

What country are you in? I am going to make a guess that we are talking about the US.

If your mother goes into a care facility and the state is paying then the state has a right to collect from the assets. At least in many states they do. That can mean that your mother would need to use her own funds until there was little left. As you are a co-owner of the home they state can not make you sell your share.

You should check the state laws and review the situation. Check online but do consider an estate planning tax attorney as there are some other issues.

Answer 3

Not as long as you're able to keep making the mortgage payments.
If you're the co-owner of the house, then as long as your mother doesn't want to sell it, everythings the same.
If she does want to sell it (if she needs money or something) you'd have to either buy her half of the house or sell it together and split the profits (if any).
When in doubt, check with a lawyer. It's probably the best way to protect yourself. Good Luck!

Answer 4

residences do not many times depreciate - like automobiles. So, once you flow right into a 100K homestead, enable's say many years bypass through (like, 3, for using this state of affairs) - your position will delight in as a lot as (for instance) 5 % - perhaps - it is hypethetical, concepts you. So, now, you reside in a house that you obtain for 100K, even though it is truly worth 105K many years later. you've also paid about 10% of the 30 12 months mortgage in 3 years as well, so, enable's say you at present owe 90K, the homestead is truly worth 105K. Your fairness interior the homestead is now 15K. you position the homestead for sale. once you're attempting this, you want to mark up the fee of the homestead to accomodate for a decrease bid on the homestead. you position the homestead for sale for 108K - assuming it is in good structure. After a month or so, a pair comes to a decision they could't stay with out your position, so as that they grant you 106,500 for the homestead. There, now you personal the monetary corporation 90K, you get 106,500 - you should pay a realtor fee (probably) of as a lot as 3%, it particularly is about 3K - you may make it so as that the patron pays that (settlement), or you may come out about 12,500 ahead. Now you've a touch money to placed down on the subsequent homestead. i wish it is sensible. hardly ever - till you've purely gotten rather some undesirable suggestion, and performance no broking service/realtor - will you're taking a loss on a house.

Answer 5

you need to know whether your mom took title as:

joint tenants (where if she dies her half goes directly to you without probate); which may not be good

tenants in common (many partners do that because each can easily rent out his interest and will it over to his heir...along with a lot of other things); or best for you in the stated question:

tenants in the entirity. this is like joint tenancy, but the debtors of your mother cannot attach liens against the house.

you really, really need to talk to a real estate attorney.

Answer 6

Ask an attorney.

Answer 7

really depends on your state....in some states, if it is homestead property, they cannot take it, but they can get a judgement....I would talk with an atty.

Answer 8

Look at the website......