> My daughter, wife and I purchased a house. My daughter lives in the
> house and pays all taxes and maintenance. My daughter put in 1/3 of
> the cost, my wife and I put in 2/3 of the cost. We have a Survivorship
> deed with all 3 names on it. What are the legal ramifications of doing
> this?
Um, you're asking what the legal implications are, now, _after_ you've already done the deed?
Wouldn't it have been better to inquire, _before_ making those arrangements?
You don't say what state you live in. State laws differ, so YMMV. Consult a local lawyer, preferably _before_ a dispute arises, to get the lay of the land as well as real, particularized advice. Be prepared to pay by the hour for this help. Nobody can give you an accurate opinion unless they really take the time to go through all your paperwork, analyze the facts and the law thoroughly, and discuss the matter with you in a back-and-forth meeting to get an idea of what your concerns and goals really are, and what you hope to accomplish.
Generally, though, being joint tenants with right of survivorship (JTWROS) means that each of you own an equal, undivided share of the whole, with equal rights to access and use it, and equal responsibility for its care and upkeep and the expenses of ownership; and that if and when one of you dies, the remaining 2 JTWROS will continue uninterruptedly to remain the sole owners of the whole. The property will not pass thru probate of any one of you, in other words; so you cannot give "your share" to your heirs in a Will (the existing joint owners, of course, will receive your former share to be absorbed back into theirs, automatically by operation of law).
But the arrangements you have made with your daughter, as to payment of taxes and upkeep, etc., may introduce complicating factors. Is there a mortgage? Or, is your daughter paying _you_ and your wife anything (rent-like) for her exclusive use of the house? You really need to talk to a local real estate lawyer to find out, and to get recommendations on how best to handle things from this point on. Otherwise, you're just whistling in the dark, and being reckless by continuing to act without knowing all you can about the potential legal consequences, don't you see? Good luck,
--
This posting is for discussion purposes, not professional advice.
Anything you post on this Newsgroup is public information.
I am not your lawyer, and you are not my client in any specific legal matter.
For confidential professional advice, consult your own lawyer in a private communication.
Mike Jacobs
LAW OFFICE OF W. MICHAEL JACOBS
10440 Little Patuxent Pkwy #300
Columbia, MD 21044
(tel) 410-740-5685 (fax) 410-740-4300
