Is this legal?

[frankie450900]

What is the name of your state (only U.S. law)? Tennesse
i am looking at a property that is in probate that has a joint owner with the deceased person. the living owner has negotiated an excellent payoff with the mortgage holder, but because any profit will have to be shared with the estate he has asked me to pay him 25k after closing so he will not loose his investment, bottom line he doesn't want to share with an insolvent estate. is it legal for me to do this if i decide to do it?

 

[FlyingRon]

It is not legal to make a payment that's not reflected in the settlement. He doesn't have an "investment" he has an inheritance that he's trying to defraud those who have legitimate debt claims on the estate. If the property is still in probate he isn't the owner anyhow.

 

[HomeGuru]

What is the name of your state (only U.S. law)? Tennesse
i am looking at a property that is in probate that has a joint owner with the deceased person. the living owner has negotiated an excellent payoff with the mortgage holder, but because any profit will have to be shared with the estate he has asked me to pay him 25k after closing so he will not loose his investment, bottom line he doesn't want to share with an insolvent estate. is it legal for me to do this if i decide to do it?

**A: why would you pay $25K more to buy the property?

 

[justalayman]

if he is truly a joint owner (as in joint tenancy with rights of survivorship), the estate is due nothing. The title transfers to the remaining joint owner with nothing to the estate and nothing from the estate. Mortgage stays intact and is owed by the remaining owner.

it is not even controlled by probate.


Now if it was a tenancy in common, that is a different story and your friend is attempting to commit fraud.

 

[tranquility]

While I can guess what is happening, I have no idea of the facts or the goals. Can you be more specific as to the situation right now and what you hope to accomplish? CAN you? Sure. SHOULD you? Harder.

Does it accomplish your goal? I have no idea, nor does anyone else.

The basic recommendation when facts are complex is to see an attorney. This is because it's difficult to guess about the specific situation. (This can also be said in HomeGuru's way. Why?)

See an attorney. Provide a lot more facts of the owner's situation and we may guess a little in greater detail.

 

[HomeGuru]

if he is truly a joint owner (as in joint tenancy with rights of survivorship), the estate is due nothing. The title transfers to the remaining joint owner with nothing to the estate and nothing from the estate. Mortgage stays intact and is owed by the remaining owner.

it is not even controlled by probate.


Now if it was a tenancy in common, that is a different story and your friend is attempting to commit fraud.

**A: judging from the OP's post, it appears that the joint ownership tenancy would be tenants in common and not joint tenancy.

 

[justalayman]

**A: judging from the OP's post, it appears that the joint ownership tenancy would be tenants in common and not joint tenancy.

I would guess that too by the question itself but the use of the term "joint owner ", I just wanted to be sure.

Ultimately, it would be best if OP did specify just for clarity.

 

[HomeGuru]

I would guess that too by the question itself but the use of the term "joint owner ", I just wanted to be sure.

Ultimately, it would be best if OP did specify just for clarity.

**A: yes, I agree.