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re: Condo_Izing a Family Owned Duplex

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T

twindaughter

Guest
re: Condo_Izing a Family Owned Duplex

What is the name of your state? Michigan. My mother is nearing 80 years old and is an identical twin. About 15 years ago she and my aunt purchased a piece of property together and built a duplex. It is on 100 feet of frontage on Lake Huron. My mother recently put her side of the property in the names of her three children. Her side has been paid off for quite awhile. We just found out that my aunt remortgaged her side to the tune of $50,000 to pay off her daughters credit cards. She came over to my mom's and had her sign something, the loan, and my mom signed without knowing what it was or that it was done based on my mom's equity. What we would like to know is it possible to condoize this property or should we have separate deeds? In other words, we would like to separate this side from my aunt and her children, legally. What will this depend on?
 


FarmerJ

Senior Member
You have no choice in this matter but to see a real estate atty and also take the time to see a atty who practices in Elder Law so that way your mom can plan her estate if she hasnt done so . Consider speaking to the attys about your mom paying off what is owed in exchange for some kind of lien against the other unit or recorded interest in its title so she can be covered when and if her sister dies before her and leaves her hanging as a co signer . its better to plan for the worse with the help of a atty OR plan for a good out come with proper legal assistance . Perhaps if your side of the family pays off this mortgage she took then you can become contract payees where the aunt has to pay you . But again this is best discussed with attorneys who can assist you in seeking a result that will work for all . Try the links up top to locate attys . if your phone books stink as bad as the ones here do you should have no trouble finding competent legal services from the links above . good luck to you .
 

HomeGuru

Senior Member
twindaughter said:
What is the name of your state? Michigan. My mother is nearing 80 years old and is an identical twin. About 15 years ago she and my aunt purchased a piece of property together and built a duplex. It is on 100 feet of frontage on Lake Huron. My mother recently put her side of the property in the names of her three children. Her side has been paid off for quite awhile. We just found out that my aunt remortgaged her side to the tune of $50,000 to pay off her daughters credit cards. She came over to my mom's and had her sign something, the loan, and my mom signed without knowing what it was or that it was done based on my mom's equity. What we would like to know is it possible to condoize this property or should we have separate deeds? In other words, we would like to separate this side from my aunt and her children, legally. What will this depend on?
**A: you need to see a real estate attorney that specializes in CPR's.
 

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