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Ellen
Ellen, Consultant
Category: General
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Experience:  attorney and legal researcher
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When a duplex is in an estate and the lawyers want to deed

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When a duplex is in an estate and the lawyers want to deed it to myself and brother what happens to the mortage that was in our parents name?
Hello,

Thank you for your question.

The property would be deeded subject to the mortgage. You and your brother would need to continue to make the mortgage payments or the property would be foreclosed
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Customer: replied 5 years ago.
What does closing out an estate entail? Does the mortage stay in our parents name and we just continue to make the payments?
Thank you for the bonus and new questions.

What does closing out an estate entail?

Simply put, probate is the legal process of wrapping up a person's affairs, such as marshaling the assets, paying bills and distributing assets. Closing out an estate is completing this process and obtaining court approval

Does the mortage stay in our parents name and we just continue to make the payments?
yes




Customer: replied 5 years ago.

Simply put the building is changed to my brother and myself's name, we pay mortage, put remaining funds in estate account into joint acct for the building, do taxes as joint owners.

 

At what point are we able to depreciate the building?

Customer: replied 5 years ago.
Answer to above 2 questions.

J.A. policy requires that you start a new thread for a new question. Please accept the answer and then you may start your new question in a new thread
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