If my dad owned a house and I am on the deed as 50% owner, now that he has passed away willI lose the house?
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If my dad owned a house and I am on the deed as 50% owner, now that he has passed away willI lose the house?
Taxes are in my name; the mortgage is in his name only.
Asked on October 19, 2011 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
First of all, how does the title to the property read? Does it say both of your names as joint survivors with right of survivorship or does it just list both names only? If survivorship language is present on the deed, then you now own the house 100%; if there is no survivorshio language, then your dad's 50% share does to his estate and you remain a 50% co-owner.
That having been said, a person who inherits a property becomes responsible for paying the mortgage(s) on it. Unless the mortgage has what is known as an "acceleration clause; this is a clause that accelerates the pay off date of a mortgage in the event the property is transferred. However, many times there is an exception to this if the transfer is due to the death of the mortgagor. If there is such an exception in the mortgage or otherwise, then the lender is required to continue to accept the monthly payment until the maturity date. This benefits the person who is inheriting since they do not have to go through the lender's application process and qualify for the mortgage. If there is an acceleration clause in the event of a death, then you will have to re-finance the property.
Bottom line, you should consult directly with an real estate attorney as to all of this.
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