If my wife and I are looking to assume my father’s home loan, what rights would my brother have to the property in the event of my fathers death?

My father put on his Will that we would split everything 50-50.

Asked on March 12, 2012 under Real Estate Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Unless legal title is placed in your names to your father's property, why would you want to assume the loan absent some written agreement spelling out the terms of the agreement and a memorandum of the agreement recorded on the parcel?

I suggest that if you assume your father's loan on the property you are writing about that there be some agreement that upon his death that there be some split of the presumed sale proceeds of the parcel you are writing about and that you have the right to purchase the entirety of the home upon his passing to prevent problems with your brother. I suggest that you consult with a real estate attorney further about this question in that as written, there are too many unknowns to give a definitive opinion.


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