Need to sell house when parents pass away
I am sole name on deed and morgage of a $1.4M home. My parents built house on my property for retirement. We have split morgage (200K) and tax payments for 10 years. They now are preparing a living trust and wish me to sign a quit claim. My wife also now wishes to be on the deed. I have three sisters which I assume will be spliting the estate of my parents when they pass 25% to each of use. My question is if I will need to sell my house to pay my sisters there share of the house when my parents are gone. Also the gentleman coming Thursday says a quit claim will not work as my wife now also wants in. I purchased the home when I was single. I am confused and don’t know what to think. I wanted to retire here also……..Thanks
Re: Need to sell house when parents pass away
Your question is very valid, and requires more attention than can be given with a simple legal post from an attorney herein. However, in a nutshell, there is a legal presumption, from the facts given, that the land you purchased is YOUR separate property period, since you acquired it BEFORE marriage. However, if any of your earnings AFTER marriage were applied toward installment purchase payments or improvements, your wife would have some community property interest in the property at issue. Thus, if this is the case, you would need her signature on any type of deed (quit claim or otherwise) to ensure marketable title for the grantee(s) (your parents). Further, it would have to be established if your parents “gifted” or kept a legal interest in the property at the time they built the home on your land, in order to determine their interest therein v. your own.
So, you DEFINITELY NEED to consult with and/or retain an Attorney ASAP to review your factual situation in far greater detail. Thereafter, your rights and/or obligations under the totality of the circumstances can be properly apprised and advised. Do NOT sign anything without speaking with or retaining a lawyer here. You have entirely TOO much at stake to lose by acting without sound legal direction at this point. If you would like further, complete assistance in this matter, contact us directly today.
H.M. Torrey
The Law Offices of H.M. Torrey
800 West El Camino Real, Suite 180
Mountain View, CA 94040
Re: Need to sell house when parents pass away
It looks like your parents have had second thoughts about giving you the house. The house is in your name. Therefore, legally, you are the owner. You should immediately set up a meeting with an attorney in your area to review all the facts. Do NOT sign anything without getting legal representation. Otherwise, your (and your wife’s) rights may be in jeopardy.
Robert F. Cohen
Law Office of Robert F. Cohen
P.O. Box 15896
San Francisco, CA 94115-0896
Re: Need to sell house when parents pass away
I agree with Mr. Cohen. You need to meet with an attorney. You own the house now … if you sign anything it could compromise your situation. You indicate that your parents built on your land, but you do not indicate if you live in that house, too, or if you have a separate property.
There are also some possible tax issues that may need to be addressed.
Ken Koenen
Koenen & Tokunaga, P.C.
5776 Stoneridge Mall Rd., Suite 350
Pleasanton, CA 94588