Legal Question in Real Estate Law in Wisconsin
Multiple Names on Deed with Heirs
The deed is in 5 names as ''Tenants in Common''. All original names on the deed are now paying insurance, taxes, maintenance...But, When the property starts to pass on to heirs, how do we have heirs start paying their share of the expenses?
1 Answer from Attorneys
Re: Multiple Names on Deed with Heirs
The heirs should enter into a written agreement binding each to the responsiblities you describe. The agreement should also provide for penalties, and provide a buyout provision when someone leaves or dies or fails to comply with the agreement. These agreements can be fairly simple to draft if everyone agrees, or can get quite costly if a lot of negotiation goes into the drafting. My guess on cost would be anywhere from $500 to $3,000 or more. Good luck!
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