Asking the right questions about being put on the deed of a house.
October 14, 2011 10:11 AM Subscribe
My mom is discussing purchasing a house and putting my name and my sister's name on the deed as well as hers. What questions should we be asking before she does this?
posted by PussKillian to law & government (12 answers total) 1 user marked this as a favorite
My mom has newly remarried. She currently owns a house in Northern Virginia. She's getting less and less happy with the climate, and has been talking about moving to Texas or Florida for a while now. (Her new husband owns a house in a state further north and with worse winters than Va.) Today, she told my sister that she wants to buy a house in Texas outright, and keep it in her name and our names as well, leaving her husband off the deed (according to her, he's fine with this). She would be able to purchase the house in TX using equity from the VA house (which was bought when married to her first husband, our dad, and which she got in the divorce proceedings.) The house in VA would become a rental, or perhaps my sister, who lives in the area, would move in.
My sister and I are wondering about what questions we should be asking about taxes, legal ramifications, and whether or not leaving her husband off the deed actually means anything since they're married. (He seems like a nice enough guy, but we're less than certain about his family by his late wife - he has six kids and some grandkids and we don't know them at all. He doesn't speak very highly of them.)
We're definitely open to consulting an accountant or lawyer, we're just not quite sure if we know what we need to be asking them when we do. Additionally, my sister and I don't have a lot of money to spend on legal questions, so we want to be prepared as best as we can.
It may never happen - our mom frequently proposes plans and then doesn't follow through. She has already said that any questions or doubts we might have about this plan are crazy - in her mind, legalities frequently don't seem to apply to her. For example, before she remarried, my sister and I suggested she consult a lawyer or financial planner to make sure that she had all her ducks in a row. She reacted very badly to that, saying that of course there would be no problems, we were being ridiculous. So if there are any real pitfalls we haven't spotted, we'd have to prove to her that they are pitfalls, and not my sister and I being paranoid, which she frequently believes us to be. Any thoughts on this would be appreciated.