Q: Can someone give me advice about signing over part ownership of a property for the purpose of refinancing?
My mother passed away recently without a will. The property has a reverse mortgage balance. We were given two options either to sell the house or refinance. Her residence was in co-ownership. Per the deed, she left her portion to her heir which is myself. My Aunt is asking for the property to be signed over to her for the purpose of refinancing. I have concerns that after signing my share over, I will be told to leave the house. I want an legal binding agreement to protect myself and my mother's assets that are also mine. I need assistance immediately because of the pressure of family to sign my share over. Can someone help me please? Thank you
A: There are a number of legal issues here. First, no one can verbally give away rights to real estate. The law says that all transfers of real estate MUST be in writing and signed by the person who is giving up their rights to the property. So, any verbal statement your mother made about you inheriting the property is most likely invalid. Second, since you can't sign your mother's name on legal documents, you cannot sign the documents that will be necessary to sell the property even if you may ultimately inherit your mother's portion of the real estate. [And please do not consider forging your mother's name!] Third, if your mother's share of the real estate and all her other assets combined are valued at more than $184,500, then someone in your family needs to file a Petition in Probate Court. A probate judge will have to issue an order or a judgment allowing your mother's legal heirs to inherit the property. Without a trust or a Probate Court judgment, I'm afraid you will be stuck. Contact a probate attorney if you are interested in learning more information. Best wishes!
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A:
In California, when inheriting property, it's crucial to understand your legal rights and options. Since the property was co-owned by your mother, and you are her heir, you have a rightful claim to her share. Before signing over any part of the property, it's highly advisable to consult with a real estate attorney. They can help you understand the implications of such a transfer and guide you in protecting your interests.
Regarding your concerns about refinancing and potentially being asked to leave the house, these are valid. It's possible to create a legally binding agreement that outlines the terms of your co-ownership, your rights to reside in the property, and any conditions related to the refinancing. This agreement should be drafted by a legal professional to ensure it's enforceable and adequately protects your interests.
Finally, it's important to act promptly but cautiously. Family pressures can be overwhelming, but decisions made in haste, especially regarding property rights, can have long-term consequences. Seek legal advice to navigate this situation effectively and protect your rights and interests.
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