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deek19790 · Nov 28, 2006, 03:20 AM

Hiya,

I have been paying the mortgage for the past 5 years on my parents house, my parents are going through a bad patch at the moment and maybe getting a devorce... a shame but a possibility.

What can I do to ensure that I get a share of the house, my parents are both willing do give me a share but is a solititors letter enough if my parents give me one? Something on the lines of I give my son blar blar blar 33% ownership of the property at blar blar blar.

Also can you put more than two names on the deeds

Please help

D

Dwight_Pigg · Nov 28, 2006, 12:35 PM

Originally Posted by deek19790

hiya,

i have been paying the mortage for the past 5 years on my parents house, my parents are going through a bad patch at the moment and maybe getting a devorce....a shame but a possibility.

what can i do to ensure that i get a share of the house, my parents are both willing do give me a share but is a solititors letter enough if my parents give me one? something on the lines of i give my son blar blar blar 33% ownership of the property at blar blar blar.

also can you put more than two names on the deeds

please help

d

You can put as many names on a deed as you want. That would be the only definite way to insure that the property could not be sold without your agreement.
I am not an attorney, so I am not sure how much weight that a letter signed by your parents would hold, but it doesn't sound like to me like it would hold much.
You should probably discuss the matter with a local attorney, just to play it safe.

Dr D · Nov 28, 2006, 07:21 PM

Just put a second (assuming that they have a first) mortgage on the home. Have your parents execute a note for $XXXX, secured by a Deed of Trust on the property with you as the beneficiary. That would give you priority over other creditors if your parents situation gets worse. Be sure to have the Deed of Trust recorded.

deek19790 · Nov 29, 2006, 02:16 AM

Originally Posted by deek19790

hiya,

i have been paying the mortage for the past 5 years on my parents house, my parents are going through a bad patch at the moment and maybe getting a devorce....a shame but a possibility.

what can i do to ensure that i get a share of the house, my parents are both willing do give me a share but is a solititors letter enough if my parents give me one? something on the lines of i give my son blar blar blar 33% ownership of the property at blar blar blar.

also can you put more than two names on the deeds

please help

d

Thanks guys