Should my parents put my name on the house deed/title? If so, should it be in a joint tenancy or fee simple? - fee simple deed
Then my parents decided to buy a house for my sister and me to the university, as we go to the same school. I worked with a drug of choice of the buyer to buy a house (my parents do not understand good English). I opted for the house and my parents had to sign papers (of course I have things explained to them).
I have to do some research and found some of the advantages and disadvantages.
PROS
"With his name in the title, establishing a credit history for them. If the student is working and generating taxable income, then some tax benefits back ... And that may be able to exempt capital gains ...
http://realestate.msn.com/Buying/Article_bankrate.aspx?cp-documentid=5674749>1=10632
CONS
If your child has debt collectors can go after the property.
(I am very pleased with what I was doing, how government affects student loans.)
If the child be prosecuted for their part in the title of the house.
Are (I've just been pursuing, it would be better to have a common ownership or fee simple?)
Wednesday, January 13, 2010
Fee Simple Deed Should My Parents Put My Name On The House Deed/title? If So, Should It Be In A Joint Tenancy Or Fee Simple?
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3 comments:
The estate in fee simple and easy are not the same kind of thing - you are talking about apples and oranges. Think of the fee just like good wine, which has in the property. You have 100% ownership. You can do with it what you want. Most goods in the United States persists in this form, but anyone there are many forms of ownership that limit their rights. What is a Google search on a complete order and read the definition of that term.
The roommate about how to pass those rights to another party in the event of death of the owner, indicating how these tasks are performed live, while the owners. Also here are several types of community of property with different results - in other words, ownership can be to other owners (the law of survival ", which belongs in common, the most common) or go to the estate of the deceased in a will is the distribution ( "tenants in common"). Again, you should obtain a search (Wikipedia works well) to do for the common responsibility and read and learn the different results of each type of property and then decide on your accountrself what works best.
Do not take any decision based what you read in this forum - they are not experts, and that's a big decision easy. One last point - may be advantageous that you have a lawyer if you have any questions or concerns. Good luck!
The estate in fee simple and easy are not the same kind of thing - you are talking about apples and oranges. Think of the fee just like good wine, which has in the property. You have 100% ownership. You can do with it what you want. Most goods in the United States persists in this form, but anyone there are many forms of ownership that limit their rights. What is a Google search on a complete order and read the definition of that term.
The roommate about how to pass those rights to another party in the event of death of the owner, indicating how these tasks are performed live, while the owners. Also here are several types of community of property with different results - in other words, ownership can be to other owners (the law of survival ", which belongs in common, the most common) or go to the estate of the deceased in a will is the distribution ( "tenants in common"). Again, you should obtain a search (Wikipedia works well) to do for the common responsibility and read and learn the different results of each type of property and then decide on your accountrself what works best.
Do not take any decision based what you read in this forum - they are not experts, and that's a big decision easy. One last point - may be advantageous that you have a lawyer if you have any questions or concerns. Good luck!
I think you and your parents should consult with an attorney about this, maybe even an accountant. But if you can not afford the payments in itself is something that we need to address. And do not think student loans can not come to your house or property (to be attached but it was in default of payment, and that this will happen).
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