Legal Question in Real Estate Law in Oklahoma
Buying a house as a gift
I'm planning to buy a large house for my mother and stepfather to live in. What I am wondering is what is teh best way to do this; and still retain legal right to the house upon their deaths or if they should divorce(in that case I would want my mother to have it until her death).
I've considered just putting it in my name and letting them live there; but then I would have to remember to pay the property taxes, maintain insurance, etc. Also, I'm pretty sure there would be gift tax issues with letting them reside in it rent free.
Is there any way I can buy the house for them, put it in their names, but still be assured it will revert to me upon their deaths??
1 Answer from Attorneys
Re: Buying a house as a gift
That part is simple, joint tenacy in all three names, with designations of your mom and husband as married on the deed. However if you pre-decease them, it will go to them, if your mom pre-deceases her husband it goes to him, and if there is a divorce, you'd have to have a partition action, where it would go back to you. Call me directly at 16192223504.
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