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Tenants in Common, Joint Ownership ?

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P

phaskitt

Guest
My mother lives in Indiana; my only sibling (sister) lives in Indiana; I live in Illinois. My father is deceased.

My mother (80 years old) owns a condo in Fla. She is ready to pass along some inheritance to my sister and i, but is not comfortable passing along cash. Is there a way for her to pass on to my sister and I a portion of the ownership of her condo property. Is it possible for her to pass over up to 10k ownership of her condo each year for a number of years, until we have equal ownership? How would that be done?

Thanks,
 


P

phaskitt

Guest
Hello:

Thank you. I will seek out an estate attorney.

However, the basis of the question is probably real estate ownership. My underlying question is whether multiple people can own percentages or even dollar amounts of a piece of property, regardless of the inheritance perspective. And if this is possible, then how is this joint ownership recorded?

Thanks,

Paul
 

HomeGuru

Senior Member
There is a way to do one or the other. The percentage issue results in a tenants in common ownership but could also be a trust. The dollar amount rarely works since property value changes. But there is a way to do it.
 

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