Legal Question in Real Estate Law in New Jersey

House Ownership in NJ

I live in NJ and married for 2.5 yrs now. We live with my mom-dad who currently own the house that all of us are in (total 4 adults living under one roof owned by my parents). As I said my parents own the house but when we signed the mortgage paperwork, our broker had said I am listed as a borrower so I can claim the real estate tax deduction on my taxes since I made the most amount of money annually so it made sense. I also have a sister who is married and lives separately with her husband nearby. My question is twofold:

1) My parents don’t have any type of will right now. What happens if something were to happen to either one of my parents or both of my parents? Who does the house belong to now? What % does state take away? How can I avoid paying any taxes and retain ownership of house? (by the way, I currently pay entire mortgage by myself even though my parents own it).

2) If we were to buy bigger house by using the proceeds of the current house and listing myself and my mother as 50/50 owner of this new house, do I automatically obtain 100% ownership if something happens to her? Or does her share go to my father’s way if something happens to my mother? Please advise. Thanks.

-NS


Asked on 10/04/07, 3:42 pm

1 Answer from Attorneys
Robert Davies The Davies Law Firm, P.A.

Re: House Ownership in NJ

you have questions that can not be answered over this bulletin board. you need to consult an estate planning and real estate attorney, and get some guidance.

call if you would like to speak to me.

Read more
Answered on 10/04/07, 3:53 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey