Legal Question in Real Estate Law in Virginia
Joint Ownership on Deed - Parent & Child
My husband loaned his parents money to enable them to purchase a home several years ago. He is a 20% owner on the deed, but is not listed on the mortgage. His parents now want his name off the deed supposedly for tax purposes. Is there any other legal document or contract we could put in place that would state the amount of money his parents owe him upon sale of the house or at another time? If he removes his name from the deed what legal document could be used in its place?
2 Answers from Attorneys
Re: Joint Ownership on Deed - Parent & Child
Greetings,
Without knowing all the issues, including details of your in-laws' explanation, it is hard to answer. However, one thought is to have your husband hold a 2nd mortgage on the property for a sum based on his 20% interest. The best thing may be for your husband to consult with an attorney.
Re: Joint Ownership on Deed - Parent & Child
Your husband should be very wary about allowing his name to be removed from the deed as a one fifth owner in fee simple of this property. If he does so, he may find that as a practical matter, he has no realistic way to secure the repayment of the funds which he loaned his parents for the purchase of the property.
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