joint ownership and debt

[tobyandnikki]

i live in washington. i bought a condo for my grandfather to live in. i put his name on the title to get a lower interest rate. i paid for the place and he pays me rent. he has some credit card debt, and i want to know if i will have to pay that debt if he dies or if it will go against the condo. my grandfather owns nothing else. do i need to get him off the title or what options do i have to protect myself from taking on his debt?

 

[JETX]

This one is pretty simple.....
The debt is his. Any debts left will go to his estate. The property will be a part of his estate (assuming there are no other title issues). The estate will be responsible for paying his debts.

The executor will have to pay the bills.

 

[HomeGuru]

i live in washington. i bought a condo for my grandfather to live in. i put his name on the title to get a lower interest rate. i paid for the place and he pays me rent. he has some credit card debt, and i want to know if i will have to pay that debt if he dies or if it will go against the condo. my grandfather owns nothing else. do i need to get him off the title or what options do i have to protect myself from taking on his debt?

My response: I presume from your lower interest rate statement that you signed a mortgage. If such is the case, you have already teken on the debt.