LawProblems.com -- Answers to Questions About Real Estate Law
Money and real estate news you can use everyday
 
           

Home
Real Estate Lawyer
Question of the Week
Tip of the Week
Recommended Books
Resources
Glossary
Contact Sam

Risk Of Buying A Home With A Friend

Ask the Real Estate Lawyer: Real Estate Law Q&A

REM # LAW 691

By Ilyce R. Glink and Samuel J. Tamkin

Summary: A reader purchased his home with his old girlfriend. She has since moved out and passed away. Now the old girlfirend's family owns half of his home. Ilyce and Sam give advice on how to clean up the ownership issue surrounding this house.

Q: I bought a house with an ex-girlfriend who had moved out a year after we bought it.
(article continues below useful links)

Then three years ago she passed away. I now want to refinance my house and put my new wife on the title. But I’m having a problem with the title company not willing to clear the title.

We have not been able to contact a next of kin. What can we do?

A: The title company is not the problem. They are doing the right thing. You probably purchased the home with your ex-girlfriend and took title as tenants in common – you each own the home fifty-fifty.

The title company has reviewed the title records to your home and has determined that you only own half of the home. When your ex-girlfriend died, her relatives inherited half of the home. They may not know it, but your ex-girlfriend’s interest passes to her family members.

You are going to have to find her relatives to clear the title. But keep in mind, her relatives own half of your home. The only way for you to own 100 percent of the property is for your former girlfriend’s family members to quitclaim their interest in the home to you.

You will have to tread carefully. If you and your ex bought the home, got 100 percent financing and the property has not gone up in value, your ex’s family shouldn’t be able to claim that they are entitled to much in the way of compensation.

However, if the property went up in value prior to her death and you each put money into the home, they will have a good argument that they are owed money.

You should talk to a real estate attorney in your area to go over your situation and find out how you should approach your ex’s family. If you do nothing, it will be years before you will be able to claim the home as yours. And in the meantime, you won’t be able to refinance the home and you won’t be able to sell it.

Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyce’s website www.thinkglink.com

 

 

 

RSS Feeds

RSS 0.91 Feed
RSS 1.0 Feed
RSS 2.0 Feed
ATOM Feed

Home Buying   Using Attorneys to Buy a Home - Earnest Money - Quitclaim Deeds - Easements - Seller Misreprensation - New Construction - Buying with Partners - Home Inspections - Seller Problems - Agent Issues
Home Selling    Using Attorneys to Sell a Home - Seller Disclosure laws - Title Problems - Buyer Problems - Real Estate Agent Issues - Tax Considerations
Home Ownership   Neighbor Problems - Seller Misrepresentation And Fraud Issues - Problems In a Condominium Development - Problems Around The House - New Construction Issues - Subdividing Land
Home Renovation   Architect Issues - Contractor Issues - Problems With Contractors - Inspection Issues - Certificate Of Occupancy - Municipal Inspections - Punch List Issues - Financing Issues - Installment Contracts
Real Estate  
Financing
 
Loan Application Problems - Refinancing Issues - Paying Off An Old Loan - Credit Problems - Seller Recommended Lender - Prepaying A Loan - Prepayment Penalties - Predatory Lenders
Investment  
Property
 
1031 Exchanges - Financing Investment Properties - Landlord and Tenant Issues - Partnership and Company Considerations - Tax Considerations - Subdividing Land
 
Contact Us | Sitemap | Terms of Use | Copyright ©2001-2005. ThinkGlink Inc. All rights reserved.
Reproduction of material from any www.LawProblems.com pages without written permission is strictly prohibited.
Site design by Walker Sands Communications