Legal Question in Real Estate Law in California
what is the best way for 3 married siblings to take title to home inherited from parents?
2 Answers from Attorneys
It depends on what you mean by "best". Do you want to address who has access to stay in the property and when? Do you wan tto address who is responsible for maintenance? Do you want to prevent spouses from being able to claim an interest? Do you want to address liability issues? Example: If someone sues one sibling, who can they go after? There are a lot of issues...If one sibling doesnt pay the home insurance and a fire burns the place down, who is responsible? If someone comes in, gets hurt, and sues, can they go after your other personal assets? If not, you may want to hold title in an LLC. If one sibling doesnt pay taxes and a lien is put on the house, how is it deal with? What if one sibling wants to sell but the other two dont? There are many more issues. If you want me to help you with this, you may send an email to my office.
Best,
Daniel Bakondi, Esq.
[email protected] 415-450-0424
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Mr. Bakondi is correct. If you would like to consult with an attorney with over 20 years experience in real estate law, including six years as vice president and associate general counsel for the parent company of Chicago Title and Fidelity National Title, I offer free 1/2 hour consultations. Please give me a call.