Legal Question in Real Estate Law in Pennsylvania
my dad lent me 25000.00 to help me buy a house in 2004,on the deed joint tenants with survivorship,i been paying him 260.00 a month every since, in nov.of 2011 he realized he has gotten back more than 26000.00 and waas happy. and said i was payed in full. then he dieed dec 15 2011, what do i have to do? do i have to pay taxes on 1/2 the house or what? thank you
1 Answer from Attorneys
Talk to a local real estate and estates lawyer.
I did a fast calculation and didn't come up with $250,000. in payments, but it depends on the exact date when the house was bought. Did your father get a mortgage from you and record it? Did the payments include interest as well as the principal you borrowed?
Jointly owned property with right of survivorship automatically becomes the property of the surviving owner. Depending on the exact wording in the Deed, the property may not be part of your father's estate at all.
Unfortunately, his saying that you'd paid him in full without his writing it isn't proof, but you might not need proof.
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.