Real Estate Law
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Thanks for your patience. I see what's going on.
If the property is held in joint tenancy, and Nora doesn't pay the taxes (and assumming the kids don't pay either), the IRS can place a tax lien on the property.
The property will also be subject to the creditor claims of all joint tentants.
I know you didn't specifically ask about that part, but you should know.
If Nora doesn't pay the homeowner's insurance, and no one else pays, the insurance will be cancelled.
If a joint tenant files for bankruptcy, the bankruptcy trustee can sell that person's interest in the property. If any joint tenant has a judgment entered against him, such as from a car accident or bad business dealings, the holder of the judgment can execute the judgment against the property.
That said, there are plenty of good reasons to hold property as joint tenants. It's just important to see the whole picture.
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-- Attorney 1
I'm sure Nora will have the property taxes and the home owners insurance rolled into her mortgage, I just wanted to check to see if the kids in fact would be responsible for those items if she didn't pay them. Thanks for all the extra insight to the other stuff - very good to know.
The IRS will look to the owners of the property for payment. If Nora pays the taxes, there is no problem. If she does not, there will be a tax lien on the home, unless someone else, presumably the kids, pay.
The IRS? In our county, if you don't pay the yearly taxes on time they sell your taxes to someone else and then you have 3 years to pay them back - if you don't, that person then owns your house.
I thought you were talking about IRS taxes. Your county is not like most.
Oh, no...just the county property taxes.
OK, same thing, different result. If the taxes are not paid, the house will be sold. If Nora pays the taxes, no problem. The joint tenancy will not prevent the regular course of action that will occur if the taxes are not paid.
Got it. I kind of figured that, but I just wanted to make sure.
Glad you asked.
Is there anything else I can do for you this morning? I'm here to help.
I don't think so. Thanks much for your help!
My pleasure. Good luck!