Multiple owners on warranty deed

UPDATED: Oct 2, 2022

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Multiple owners on warranty deed


My parents and I are purchasing a house in Texas
that they will live in until they pass on. The intention is
to title the deed so that when that sad event happens
the house will pass to me. My Mom seems to think
that making the title with our names separated by or
is best such as Jack or Sarah or…. My idea is a joint
tenancy with right of survivorship deed. Will either of
those work or are we completely wrong? Thank you.

Asked on November 3, 2019 under Real Estate Law, Texas


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Joint tenancy with right of survivorship will certainly work and accomplish this, but you and they need to be warned: it will make you an owner now (anyone on a deed is an owner). That means, among other things:
1) You'd have to agree to and sign any mortgage, HELOC, or reverse mortgage--which means that if they need a HELOC or reverse mortgage for funds to live on, you will be obligated to repay it along with them, and could be sued if it is not paid.
2) You'd have to agree to a sale of the property, so if their circumstances change and they want or need to sell (e.g. say they become incapable of independent living), you could veto that.
3) As an owner, if someone is injured at the home due to some condition they failed to fix (e.g. a broken or loose stair, or a torn rug or carpet posing a tripping hazard), you could potentially be sued, too.
4) If you are sued for some reason and get a judgment against (e.g. a car accident exceeding insurance coverage), a lien could potenially be put on your parent's house.
In short, JTROS is not just a way to pass the property when the sad day occurs, but changes ownership right now.
There are several options to have them live in the house but it go to you: JTROS; them having a life estate and you the remainder interest; a will; a trust. Each has pros and cons. You and your parents need to sit down with an estate planning lawyer to make sure you pick and implement the option best for all of you.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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