Q: What are the financial repercussions/benefits of co-owning a home with my siblings?
My dad (75 yo) has cancer/parkinsons. We realized early on that we had to sell his 3 bedroom home because it no longer works for him. My sister has said that she now plans on using all of the money to buy a larger 5 bedroom home for her, her family, and my dad to live in and putting her, my brother, and myself on the title as co-owners. My siblings are not financially stable. My brother is going through a divorce and my sister is currently contemplating bankruptcy. My intuition is telling me to run for the hills. I should also note that I think she is trying to do this as a way of getting him more benefits because his name will not be on the title.
A: If you own a property jointly with anyone, their debts can attach to the property and severely jeopardize the ability to sell the property in the future. The situation you describe could end up as a gigantic mess. Schedule a free consultation to determine the best course of action to make sure you are protected.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
