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  1. #1
    Get Reps or Fail Tryin r3pnIt's Avatar
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    Multiple names on a home title ?

    Hey I need some advice . I’m helping my wife’s parents out by putting a down payment on a house for them . They are letting me put my name on the house , my wife and one of her parents . A total of 3 people on the title . We all have a good relationship . The house will be paid off . It needs some renovation then we play to get a home equity loan so her parents can pay me back the loan and they will pay the home equity loan . Is there information people can give me about multiple names on a tittle . Purchase is in Florida . I always prepare for worst case scenario . Could they added someone else to the title or take me off . Can you sell the house without permission of the other 2 people on the title ?
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  2. #2
    Registered User paulinkansas's Avatar
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    Legal work is pretty simple.

    In your title or agreement, make a statement that no other person can be taken off the document without the signature of all the people on the document.

    Same thing with selling the house. It can't be done without the sig of all the people on the original doc.

    Source: Me, I've bought and sold properties without real estate agents or attorneys.
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    Registered User Anachron's Avatar
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    Don't do it. Speaking from experience.
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    Registered User snailsrus's Avatar
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    Once the sale is final they can’t add anyone, they can’t take out a home equity loan without you, depending on how you buy the house the may be able to sell their share without you. You will be responsible for their debts.

    You can be
    1. Tenants in common :
    two or more owners can own equal or unequal shares of the same property. For example, two owners can hold equal shares, or multiple owners can own different percentages that equal 100. The shares in ownership are separate from one another. So one owner can transfer his share to someone else at any point in time without the consent of the other owners. If an owner dies, his share in the property is passed along to the person named in his will or to his surviving heirs if no will exists.
    Or
    2. Joint tenancy with Rights of Survivorship:
    co-ownership, each party owns the property equally and undivided. If one party wishes to transfer his share to someone else during his lifetime, the other owner must consent and sign the resulting deed. The rights of survivorship imply that upon the death of one owner, his share is transferred automatically to the surviving owner. The survivorship rights take precedence over the deceased's will or inheritance rules.
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  5. #5
    Registered User Baylorballs's Avatar
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    Wow... lots of questions there...

    You're dong a great thing for your family. But if you have to even ask the question, you should contact a Title CO. and / or Lawyer for sure.
    Just trying hard to not be a fat sack-o-chit
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    lawyer up. You need to protect YOU and your family.
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    This seems like it could get complicated fast. I think a real estate lawyer would be your best resource so that all the options and consequences of those options can be laid out. If everyone is in agreeance then you can move forward but I have a co-worker who went through a divorce and even getting his name taken off of the title once his ex-wife took it over was a pain in the butt. One thing that will need to be spelled out is in your in-laws will it needs to be documented what will happen to the property if your wife has siblings. I have seen things get pretty nasty when brothers and sisters begin splitting up assets once a parent has passed.
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