Legal Question in Real Estate Law in Virginia

Ownership on a seed

I have the mortgage on an investment property that my nephew will be living in. I want to put his name on the deed so that it will be easier for him to refinance later and purchase the home from me and so that he would have survivor rights. Can I define in the deed that I have primary ownership and he has secondary ownership so that he cannot make legal decisions about the house without me or so that if he defaults or has other problems, I can sell the house or act without his permission. Mainly, how can I have control and protect my interests and still have his name on the deed?


Asked on 5/24/06, 9:41 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Ownership on a seed

If you put your nephew's name on the deed he (along with you)will own a one half undivided interest in the whole property and as far as I know there is no way to condition the deed so that his ownership interest would be limited in the manner which you've suggested.

There may, however, be another instrument such as a trust which might achieve at least part of your objectives and you might wosh to consider arranging a consultation with an attorney who specializes in the area of trusts and estates and who could advise you further on this matter.

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Answered on 5/24/06, 9:49 am


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