Q: If you are are partial owner on a property title, can you be sued for the full equity in the property?
My mother in law needs to be a partial owner to occupy a condo I own. She got in a car accident 1 1/2 years ago and the claim has not been closed. I am worried about putting her on the title (even at 1% ownership) with the claim still pending.
A: You should be concerned. If she is an owner. This creates an asset from which the creditor from the car accident could levy to force payment of the debt. It is a lot more complicated than that, but you should consult an attorney before simply filing a Quit Claim Deed to add anyone to title to valuable real estate.
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