Legal Question in Real Estate Law in Nevada
My in-laws signed on a loan so my husband and I could get a home. We are inquiring if we can add our names onto the deed even though the mortgage is under my in-laws name so in the event of their death, we can by-pass our home going to probate.
2 Answers from Attorneys
Better for in-laws to put house in living trust and designate you and your husband as beneficiaries. This avoids gift tax and due-on-transfer issues.
In Nevada, the Uniform Real Property Transfer on Death Act permits the in-laws to deed the property to anyone, effective only upon the death of the grantor(s).
A present transfer from the in-laws to you may trigger an acceleration of the mortgage loan making the balance fully due and payable under the due-on-sale clause of the mortgage.
Your attorney can explain further.
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