Legal Question in Real Estate Law in New Jersey
Legal Ownership
I'm a 50% co-owner of a property that belonged to my mother, who deeded to my sister and myself ten years ago. My sister and her family, as well as my mother, still reside at that residence, and therefore pay all of the expenses, including the real estate taxes.
I heard someplace that, by law, my share of the equity in the property could be subject to forfeiture due to the fact I'm not paying the taxes.
So my question is: is there any truth to this statement - could the law ignore the fact that I'm a 50% owner, as named on the deed, just because I'm not paying the taxes?
2 Answers from Attorneys
Re: Legal Ownership
No
Re: Legal Ownership
No - the deed controls as to actual ownership - however if your family stops paying taxes things change.
Also it is perhaps beneficial to have an agreement concerning who is responsible for the payment of taxes, insurance etc outside of the actual deed.
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poster and should not be relied upon in any way. All readers are
advised to consult an attorney to address their specific legal
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