Legal Question in Real Estate Law in New Jersey
My husband and I are both 65 and will be buying a new home soon and paying cash. We would like to put the house in our daughters names although we will be paying all the taxes and bills. They would not be able to sell it without our approval. Are there any ramifications if we do this?
4 Answers from Attorneys
Generally, if you title the house in their names (i.e., "put the house in their names"), it's their house to sell without your approval. Seek legal advice before completing the transaction.
Kindly note and remember that my response is merely a general comment on the law related to your question, and NOT legal advice or opinion. Also, your question and my response does NOT create an attorney-client relationship between us. You cannot rely upon what I have written, because I do not have all of the information that I need to advise you or render an opinion. Even simple facts you have not shared can completely change my answer. For me to give you legal advice or opinion, you would need to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.
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In addition to your daughters being able to sell [or do anything with] the house without your approval, any judgments or other liens [mortgages, mechanics' liens (if they have any work done on the house,) etc.] against them would attach to the house, meaning that even if they have your approval, judgments and other liens would have to paid off before any proceeds of sale could be given to you or your daughters.
The question is, why do you want to do this? As Mr. Gartenberg says, you should consult a lawyer to help you define your goals and suggest the best ways to achieve them.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
As you can see from the other lawyers' answers, there are some very complicated things to watch out for when you do this.
I can help you with this. And I will tell you up front what it will cost to do this for you.
Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Robert Davies, Esq. 201-820-3460
The Davies Law Firm, P.A.
45 Essex Street, Suite 3 West
Hackensack New Jersey 07601
Phone: 201-820-3459
Fax: 201-820-3461
Email: [email protected]
Website: AttorneyRobertDavies.com
Please keep in mind that my response is just a general comment on your question, and not legal advice. I have answered based upon the law of the State of New Jersey where I practice; the laws in other states may be very different, and may result in very different outcomes. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written as legal advice, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly.
I have read your question and in addition to the prior comments I would add discussion of a life estate would be in order so that your children could not sell this house withoout your approval. Call my office to set up an appointment.