Legal Question in Real Estate Law in Missouri
Joint tenancy and right of survivorship
If I add my brother as joint tenant, would that be considered a Title transfer, rendeering entire loan due, and/or cause St.Louis county to reasses my property and increase taxes?
1 Answer from Attorneys
Re: Joint tenancy and right of survivorship
Why do you want to put your brother's name on your real estate as a joint tenant? If it is so that he gets the property if you die, then you may want to consider using a Beneficiary Deed instead. In either event, you should read the specific provisions in your promissory note (home loan) and Deed of Trust (document giving your lender a security interest in the property until the loan is paid off), or simply check with your lender to see if what you want to do would trigger any "due on sale" or "due on transfer" clause. You are wise to seek legal advice before taking any action, and you should consult with an attorney if your questions are not sufficiently answered. Good luck!