Florida
For 20 years I had a joint tenancy with my significant other in two pieces of real property in Florida -- one with a home on it and an adjacent (non buildable) lot. We eventually split up (we were never married) and he became involved with someone else. He is not exactly the kind who is interested in legal matters and he was never aware that the joint tenancy meant I would inherit the whole property if he passed away. When I told him we were joint tenants and what it meant, without informing me he immediately married his now wife, converting our relationship to tenants in common and becoming tenants in entirety in his half with his wife. Since our relations had been good, I was somewhat stunned as he only told me after the fact.
I do not know if he recorded a deed but I was unaware of it if so and therefore there is no signature on record of my having agreed to this change of tenancy on any deed -- nor do I know if that is necessary in Florida.
I did not really object to signing an agreement that his wife and I would split the proceeds from a sale of the property if he predeceased us (we are both considerably younger than him) and so he presented one to me.
However, he is now urging me somewhat urgently to sign the agreement so he can record a deed with my signature on it. As far as I know, there is really no urgency. And I am somewhat suspicious now of his urging since he was less than upfront previously. Is there any difference between my signing this or not? If he dies, aren't his wife and I tenants in common whether or not I sign the agreement?
There is also one clause in this agreement that does concern me -- it says that if he predeceases us the property is to be sold and his wife and I would split the proceeds: We would have a fair market appraisal and then his wife could buy me out of my half at the same price as half of a valid offer (he would like her to own the whole house if possible but she likely can't afford to buy me out. ) "Valid" is not defined. Does that mean if she or someone who fronts for her "offers" us, lets say, 40% of the fair market value of the house that I would be forced to sell the house to her at that price?
Thank you for your help if possible. This issue has been keeping me awake at nights and I have been resisting signing this piece of paper for a while now....Nor do I have the funds to pay a lawyer to review it and rewrite it.
For 20 years I had a joint tenancy with my significant other in two pieces of real property in Florida -- one with a home on it and an adjacent (non buildable) lot. We eventually split up (we were never married) and he became involved with someone else. He is not exactly the kind who is interested in legal matters and he was never aware that the joint tenancy meant I would inherit the whole property if he passed away. When I told him we were joint tenants and what it meant, without informing me he immediately married his now wife, converting our relationship to tenants in common and becoming tenants in entirety in his half with his wife. Since our relations had been good, I was somewhat stunned as he only told me after the fact.
I do not know if he recorded a deed but I was unaware of it if so and therefore there is no signature on record of my having agreed to this change of tenancy on any deed -- nor do I know if that is necessary in Florida.
I did not really object to signing an agreement that his wife and I would split the proceeds from a sale of the property if he predeceased us (we are both considerably younger than him) and so he presented one to me.
However, he is now urging me somewhat urgently to sign the agreement so he can record a deed with my signature on it. As far as I know, there is really no urgency. And I am somewhat suspicious now of his urging since he was less than upfront previously. Is there any difference between my signing this or not? If he dies, aren't his wife and I tenants in common whether or not I sign the agreement?
There is also one clause in this agreement that does concern me -- it says that if he predeceases us the property is to be sold and his wife and I would split the proceeds: We would have a fair market appraisal and then his wife could buy me out of my half at the same price as half of a valid offer (he would like her to own the whole house if possible but she likely can't afford to buy me out. ) "Valid" is not defined. Does that mean if she or someone who fronts for her "offers" us, lets say, 40% of the fair market value of the house that I would be forced to sell the house to her at that price?
Thank you for your help if possible. This issue has been keeping me awake at nights and I have been resisting signing this piece of paper for a while now....Nor do I have the funds to pay a lawyer to review it and rewrite it.