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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36205
Experience:  16 years real estate, Realtor. Landlord 26 years
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My mother is retired and moved into a retirement apartment

Customer Question

My mother is retired and moved into a retirement apartment last year in Fredericksburg, VA. Yesterday is told me that she bought a townhome in Fredericksburg, VA. I didn't know anything about it.
She said that she was going to put my name on the deed (she didn't ask me). What impact will that have on my/her taxes, credit report, legal liabilities?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Expert:  Barrister replied 11 months ago.

She said that she was going to put my name on the deed (she didn't ask me). What impact will that have on my/her taxes, credit report, legal liabilities?

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It won't affect your taxes as you aren't liable to pay any income or gift taxes. There is property tax, but it attaches to the property, not the individual and if she didn't pay the taxes, the city would foreclose and sell the property.

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Since you aren't on any mortgage, it doesn't affect your credit.

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And if you are on the deed and someone is injured on the property, they could potentially sue you as an owner. However, you can defend based on the fact that you never "accepted" the gift of the interest in the house. In order for a gift to be completed (i.e. an interest in the house) it must be accepted by the receiver as you can't force a gift on someone..

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thanks

Barrister

Customer: replied 11 months ago.
Will the deed show up on my credit report? If she foreclosed, would that show up on my credit report as well?
Customer: replied 11 months ago.
What if I went into bankruptcy? Could she loose her home?
Expert:  Barrister replied 11 months ago.

Will the deed show up on my credit report? If she foreclosed, would that show up on my credit report as well?

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No, as I mentioned, since you won't be on any mortgage or Note, it doesn't affect your credit in any way.

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What if I went into bankruptcy? Could she loose her home?

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Potentially, since you would be listed as a legal half owner of her home. But if there was little equity in the house, they likely wouldn't bother with it as mother could claim a homestead exemption to prevent any sale.

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thanks

Barrister

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