What legal forms do I need to complete to be listed on my mom’s mortgage deed as tenants in common, so I may assume the loan upon her death?

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What legal forms do I need to complete to be listed on my mom’s mortgage deed as tenants in common, so I may assume the loan upon her death?

I share a house with my 81 year old mother; the home is in her name only. I am listed as beneficiary in the Will but would like to be listed as tenants in common, so that I may assume the mortgage loan. What do we need to do to get my name on the deed as tenants in common to avoid having to sell the house upon her death?

Asked on February 26, 2012 under Real Estate Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Unfortunately, just being placed on legal title to a home after a loan is already in existence does not entitle you to automatically assume the loan. I suggest that you carefully read the loan agreement that your mother has for the home that she is in to assist you in understanding whether or not the loan is assumable.

I suggest that you consult with a Wills and trust attorney about the best way to have your mother's home transferred to you upon her passing. To get a stepped up basis, transfer of title should either be by Will or a trust.


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