Legal Question in Real Estate Law in Missouri

Re: Keeping real estate in the family

I am not sure what you mean by "loan papers" and I do not follow your sentence structure at the point you say "quit claim . . . "

If you want your parents to own the real estate with you, you may be able to have them named as joint tenants with rights of survivorship on the deed from the current owner to the three of you or on a deed from you, if you own the property, to the three of you. If you own the property and it is subject to a lender's security interest, please be sure to obtain permission from the lender before making any attempted transfers. Once the ownership is set up in this way, all of the joint owners must agree on any transfer of the property or any use of the property to secure an indebtedness. Upon the death of one of the joint owners, the surviving joint owners would contiue to own the property as joint tenants. And, upon the death of the next joint owner, the sole surviving joint owner would own the property. If you set up the ownership this way prior to getting married, your interest would be considered your separate property since it was acquired before the marriage. However, if you marry, your wife may claim a marital interest if you use any marital funds (such as income you earn after the marriage) to pay for the property, maintain, or improve the property. If you are simply concerned about owning the property in such a way so as to avoid probate upon your death while still keeping all rights to transfer, encumber , or use the property during your lifetime, you should consider preparing and recording a beneficiary deed which would transfer the property to whoever you name upon your death. In any event, it sounds like you need some legal help, and you may call me for a free telephone consultation at 314-727-2822 if you are not already represented by legal counsel.