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  1. #1
    twinbridgefarms Guest

    Question Dissolving Tenants in Common

    I'm in Pennsylvania.

    I own a property with a brother, as tenants in common. The mortgage is 100% in my name already. I want to buy him out, and take sole ownership. I will be paying him an agreed upon amount. The problem is I know he has several judgements against him, and I need to know how to properly do this deal such that his creditors cannot later come after the property. I have heard that they could claim we did a transfer to avoid them, and they could still have a claim on the property? Is that true? What is the correct process to protect myself in PA? Any advice will be greatly appreciated. My current attorney says there is no way, I would be best just selling the property outright to a new owner. He does not specialize in real estate. Do I need a new attorney, or is he correct?
    Last edited by twinbridgefarms; 04-30-2003 at 11:25 AM.
  2. #2
    HomeGuru is offline Senior Member
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    Re: Dissolving Tenants in Common

    Originally posted by twinbridgefarms
    I'm in Pennsylvania.

    I own a property with a brother, as tenants in common with rights of survivorship.

    **A: no such tenancy. Read your deed again and post the actual tenancy.
    *******

    The mortgage is 100% in my name already. I want to buy him out, and take sole ownership. I will be paying him an agreed upon amount. The problem is I know he has several judgements against him, and I need to know how to properly do this deal such that his creditors cannot later come after the property. I have heard that they could claim we did a transfer to avoid them, and they could still have a claim on the property? Is that true? What is the correct process to protect myself in PA? Any advice will be greatly appreciated. My current attorney says there is no way, I would be best just selling the property outright to a new owner. He does not specialize in real estate. Do I need a new attorney, or is he correct?
    **A: you need a real estate attorney that knows how to do it.
  3. #3
    twinbridgefarms Guest
    1. Corrected.
    2. Do what?
  4. #4
    HomeGuru is offline Senior Member
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    [QUOTE]Originally posted by twinbridgefarms
    [B]1. Corrected.

    **A: Ok.

    ******
    2. Do what?

    **A: the attorney would do a title search first because the judgements against your brother may already be recorded on title. Next there are various ways to transfer or sell the property if there are no judgements, such that the judgement creditors could not cause a problem later.
  5. #5
    twinbridgefarms Guest
    Thanks.

    I know that there are judgements, I have copies of them mailed to the house from the courts. I do not know if they are recorded on the title. This is where I get confused by my attorney. He is suggesting that the mere existence of the judgement automatically can go against the title (and any of my brothers other possessions), without necessarily being recorded against the title. Are you saying if they are not recorded aginst the title, I don't have anything to worry about? Is there a scenario where I could get the deed transferred to me only, and then some time later the creditors could record against the title? Can/should I get a new title insurance?

    First thing to do is to see what's on the title I guess. Thanks much. I hope to ba able to speak intelligently with my attorney, or get a new one.
  6. #6
    HomeGuru is offline Senior Member
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    Originally posted by twinbridgefarms
    Thanks.

    I know that there are judgements, I have copies of them mailed to the house from the courts. I do not know if they are recorded on the title. This is where I get confused by my attorney. He is suggesting that the mere existence of the judgement automatically can go against the title (and any of my brothers other possessions), without necessarily being recorded against the title. Are you saying if they are not recorded aginst the title, I don't have anything to worry about?

    **A: no.
    *********
    Is there a scenario where I could get the deed transferred to me only, and then some time later the creditors could record against the title? Can/should I get a new title insurance?

    **A: talk to your attorney.
    ******
    First thing to do is to see what's on the title I guess. Thanks much. I hope to ba able to speak intelligently with my attorney, or get a new one.
    **A: keep us posted.

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