Can I Force My Sibling to Sell Property, Which I Own with Them Jointly?
Video Summary
Can I force my siblings to sell property, which I own with them jointly? The answer is yes, you can. If you have any interest in real property of the possessory interest entries, a fractional share of real property, you can file what they call a partition action. Partition action is where you sue the other co-owners of the property, ask the court to appoint what they call a special magistrate, which is a third party who will list and sell the property and none of the beneficiaries have to sign the deed. Then all the money is held with the clerk of the court or with the closing agent from the sale of the property. And then the expense of bring the partition acts, including attorney fees, is then distributed pursuant to a court order, to all the owners and their fractional share. So if you owned a half interest, you would be entitled to one half of the net proceeds. If any owner of the property would have paid taxes or insurance, they’re, they may be entitled to a special equity for these taxes and insurance that they’ve paid, which would come out of the net proceeds. If you have any questions about a partition action, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate, Real Estate – Selling, Videos
If I Put My Children on My Deed, Can They Force Me to Sell My House?
Video Summary
If I put my children on my deed, can they force me to sell my house? The answer is yes, because you make them a co-owner of the property, they can file an action called a partition action where they sue and asset. A third party called a special magistrate is appointed, and the special magistrate can then list and sell the property for and divide up the proceeds pursuant to the share of the party’s interest in the property. There are other problems in adding your children to the deed, such as when it’s sold, they don’t get a step up on a basis. You may lose a portion of your homestead exemption. It may be a problem also if you have to qualify for Medicaid. I suggest that if you are going to do this for the purpose of estate planning to avoid probate and to put your children on the deed, it is that you sign what they call a lady bird deed or an enhanced life estate deed, and that’s where you convey to them the property. However, you reserve all the rights of ownership during your lifetime, as well as the right to sell the property, keep all the proceeds, or even change who receives the property during your lifetime. You reserve all those rights. And so I’ve been using these type deeds for many years and they work very well, but you do not want to add your children to your homestead property or to the house, to your property because they can force the sale and has other adverse consequences for both you and them. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate – Selling, Videos
Does the Spouse Who Quitclaimed the House, Originally Purchased Before Marriage, Retain Any Rights to it, considering it Wasn’t Treated?
Video Summary
Does the spouse who Quit claimed the house to the other spouse and him or herself, which was originally purchased by them, retain any rights to it? I’m assuming that this question has to do if they are involved in the divorce proceedings. Whenever, a husband and wife own a piece of property, they get divorced, well then you start with each party receiving a one half interest in the property as tenants in common. However, in a divorce proceeding, the judge is going to make the determination as to who receives the property and whether or not who gets to live there, whether or not it has to be sold, and whether or not they take into consideration that the property was purchased by one spouse prior to the marriage and later transferred into their joint names. If this is not transferred to husband and wife as far as putting it in husband and wife’s name, and it is to two individuals, the presumption is is that the transfer was a gift of the equity, and each party owns a one half interest. So, if there’s what they call a partition action, which requires the property to be sold, the party who purchased the property does not have a special equity for the contribution or what they paid for the house. If you have any questions concerning this, give me a call at (727) 847-2288. I don’t do divorce law, so the question, if you’re going through a divorce, you need to talk to your divorce lawyer. Thank you.
- Published in Probate, Real Estate, Real Estate – Selling, Videos
During My Divorce, Should I Buy Out My Ex-Spouses Share of the House?
Video Summary
During my divorce, should I buy out my ex-spouse’s share of the house? The answer to that is you should not even think about buying out your spouse’s interest unless you have a marital settlement agreement, which settles all your assets and so that everybody knows what everybody’s going to get as a result of the divorce. And hopefully that’s something that you can work out with your spouse as adults rather than anything else as far as your property division is concerned, and then as simply a business decision. But you don’t want to be in a position where you buy out your spouse’s interest in the property and then you pay her for that, and then she turns around and wants more and more money as a result of looking at your other assets or whatever money you have or resources. So, I would strongly recommend that before you enter into any agreement to buy out your spouse’s interest in any real property, that you have a marital settlement agreement and discuss it with your divorce attorney. I don’t do divorces, but my phone number is (727) 847-2288.
- Published in Real Estate, Real Estate – Selling, Videos