Legal Question in Real Estate Law in Ohio
My grandfather died a few years ago, and my father, aunt and uncle were equally willed my grandfather's house in Ohio. The mortgage has been satisfied on the house. the certificate of transfer lists all three parties as owners. Does the title need to be in one person's name? I am concerned about what happens to the house if one of the parties dies. Thanks!
1 Answer from Attorneys
If the three person's own the propety as tenants in common then when one of them dies a one-third interest in the property would pass according to his or her will or if no will to his or her heirs. This is probably the way the certificate of transfer is worded.
If the property is owned as joint with right of survivorship then on the death of the first person his or her interest would pass to the survivors.
It would be advisable for the three siblings to discuss what should happen to the property if one person passes away.
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