Legal Question in Real Estate Law in Pennsylvania

Adding a parent as joint owner

Hi,

My husband and I bought a condo two years ago and now have to move to another city. We don't want to sell it because we wouldn't make any profit on it right now. My mother doesn't own any real estate right now and she would like to move into our place while we are away and pay the mortgage, etc. I do not have any siblings and she is single. Can we add her as a joint owner? Or is it better for her to rent? What are the tax implications of each scenario? If she is a joint owner, can she claim all of the interest taxes since she would be making the payments?

Thanks!


Asked on 3/30/08, 6:17 pm

1 Answer from Attorneys
James Monaghan Law Office of James V. Monaghan

Re: Adding a parent as joint owner

I would strongly suggest leasing the property to her. Long term care considerations, estate planning, etc all lead to this conclusion. There are many ways to take the mortgage interest scenario into account.

Contact me to discuss further.

Jim

Read more
Answered on 3/31/08, 8:54 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania