Single to married owner

[jshannon]

I bought a house on contract before my husband and I were married. The contract is in my name and the person I am buying it off refuses to add my husbands name to the contract or allow me to do a quit claim from myself to me and my husband. We lived in the house for about six months together before we were married and have been married 6 years now. Our contract is for 10 years with 3.5 remaining. We live in Illinois. What happens to the house if I die? Does my husband lose all he has invested? Can the person I am buying off leaglly refuse to add his name to the contract?

[This message has been edited by jshannon (edited July 20, 2000).]

 

[Tracey]

Without reading the sales agreement, we have no clue what happens if you die before the house is paid off. See a lawyer & check if you can quit claim the house from yourself to yourself & husband, as joint tenants. This will convey any interest you have in the house to him upon your death. You can also will him any interest you have in the house. See which method will accomplish what you want & minimize estate/capital gains taxes. Currently, the house is your separate property & you might want to keep it that way.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.