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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36626
Experience:  16 years real estate, Realtor. Landlord 26 years
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I am going through divorce and have decided to buy a

Customer Question

Hi, I am going through divorce and have decided to buy a manufactured home and put it on a piece of property that I will be inheriting from my parents. I am applying for a loan with them and we had originally planned on both of us to be on the title. The banker has asked us how we want the title to read. We are not sure what would be best. They have a revocable living trust. As the will is written now it states that when they are both gone the property will be divide up 4 ways between me and my three siblings. The piece that I am putting the home on would be part of that and the home will be attached. They intend to rewrite the will to make it more specific where I would take ownership of that piece which is about 1/4 of the entire property anyway. However I am a little nervous that that won't get done right away and my dad has been pretty sick. What is the best way to have the title read? Other factors that might need to be considered are:
I am selling my current house that has about $150,000 in equity that will be divided in half with my half I will be putting back into the loan to lower the payment. (It's a construction loan right now and I will have one year to put that money into the loan before there will be a penalty for early payoff)
Tax consideration for both parties
The land has almonds and walnuts which my brother currently farms for them. I intend to allow him to farm the property I will be on.
Thanks
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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You can have parents as co-signers on the loan for the home without having them on the actual title. If they are on the title, then if one or both of them pass, then that interest would go into their estates unless it is listed as a "joint tenancy with right of survivorship". As each owner passes, their interest would then extinguish leaving the last surviving owner as sole owner without any further action necessary.

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So if parents are going to be on the title, it should be along with you as "joint tenants with rights of survivorship" to ensure that when someone passes, their interest doesn't go into their estate and have to go through probate.

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thanks

Barrister

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