Q: My father passed away recently. He died with no will and his only asset was his home. My step mom is not on the deed
She said she wanted to keep it and the estate lawyer said my sister and I would need to sign over the deed so she can refinance the house. But i now have heard that she might sell it. If we sign the deed over and she sells the house, what does that mean for my sister and i? Would we still be entitled?
A: Under these circumstances the house would pass to your stepmother, your sister and you. If you give her a deed you would forfeit all your rights. If you wish to keep rights in the event of a sale, you need to speak with your own lawyer. If all three of you are on the new deed, you could all sign the new mortgage to refinance, but she could sign the note alone. There would then have to be an agreement among you to credit her, in the event of a sale, for payments she has made on the note or for improvements. Alternatively, you could enter into an agreement that, if the house is sold, you and your sister would be paid the current market value of the home. These are just examples. As indicated, this must be discussed with your own lawyer.
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