If my sister, mom andI bought a home together, what kind of legal documents should we have in place in case of the sudden death of anyone of us?
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If my sister, mom andI bought a home together, what kind of legal documents should we have in place in case of the sudden death of anyone of us?
Asked on January 18, 2012 under Real Estate Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. The first thing that you three should have is a written partnership agreement concerning the joint ownership of the property you are writing about as to who pays what and when as well as possible buy outs of one owner by the others.
As to the crux of your question regarding sudeen death of one of you, there should be a life insurance policy on all three of you to pay off any loan on the property and some agreement as to who receives the interest of one owner in the property if one passes away suddenly with a buy out provision.
I recommend that all three of you consult with a real estate attorney as to what your intent is concerning the property as well as any right of first refusal to other owners to purchase it if one wishes to sell or in the event of a sudden passing of an owner.
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