Legal Question in Real Estate Law in Kentucky
Joint Tenancy Rights/Obligations
My mother purchased a single family house in July 2001. She requested my name be on the deed as a joint tenant with right of survivorship. I agreed to this and signed all the necessary papers. Recently we have had a disagreement about what all this entails. I believe that I have an equal share in this property right now, because my name is on the deed of record as joint owner with right of survivorship. We both live there full time. She believes that because her name is the sole name on the bank mortgage, that the house is hers alone unless she dies, then it becomes my responsibility.
There are no bad feelings or struggle here, but some issues have come up, such as she wishes to obtain insurance to pay off the mortgage is she should die, and I believe such a policy will not be honored because I am on the deed of record. Who is right on this? What are my obligations on this property?
1 Answer from Attorneys
Re: Joint Tenancy Rights/Obligations
The way that a "joint tenancy with a right of survivorship" reads is that you receive the title "...for and during their joint lifetimes with the remainder to the survivor in fee simple." You both have present rights to possess and use the property. The full title vests in the survivor. While both of you are living, you each have a life estate and share equally. It would take both of you to convey a full title to the property. This is the same way many married couples hold title. You are both equal. She alone , apparently, is responsible to the purchase note and mortgage.
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