OT - houses etc
Hi Pam,
My dad wanted to do something like this a few months back. His house is paid off in NJ and he wanted to put my brother (who is a jerk) and me on the papers to own the house.
I insisted we see a lawyer because I had such a bad reaction to the whole idea. Gene and I talked about it, and he also had bad feelings about this. Neither of us wanted any financial responsibilities and I needed to find out what if any I'd end up with if I agreed to what the two of them wanted.
We ended up speaking with a lawyer who specializes in both real estate and estate laws.
The end result was, no we did not do what dad wanted.
1. if my name was on the paperwork and dad or my brother could not make the tax payments etc. I'd be responsible
2. if anything happened to the house I'd be financially responsibile to fix
3. i don't trust either my dad nor my brother so there was no way my name was going on anything that involved the two of them
Good luck with this. I know how hard it can be.
Ida
My dad wanted to do something like this a few months back. His house is paid off in NJ and he wanted to put my brother (who is a jerk) and me on the papers to own the house.
I insisted we see a lawyer because I had such a bad reaction to the whole idea. Gene and I talked about it, and he also had bad feelings about this. Neither of us wanted any financial responsibilities and I needed to find out what if any I'd end up with if I agreed to what the two of them wanted.
We ended up speaking with a lawyer who specializes in both real estate and estate laws.
The end result was, no we did not do what dad wanted.
1. if my name was on the paperwork and dad or my brother could not make the tax payments etc. I'd be responsible
2. if anything happened to the house I'd be financially responsibile to fix
3. i don't trust either my dad nor my brother so there was no way my name was going on anything that involved the two of them
Good luck with this. I know how hard it can be.
Ida
IdaMae
This happened to me with ex-Hubby.
His father put a property in my ex's name. He lived there. And in the beginning, it was like we didn't even have it. His dad paid the taxes, etc.
We bought our home and it didn't hinder us. It actually helped because the property was paid in full.
HOWEVER! We began getting notices in the mail from the Environmental Protection Agency. FINES of over $1000! His dad was buring wires for the copper so he could salvage them to make cash. YOU CAN"T BURN that plastic off the wires.....it's againist the law. So we got stuck paying these fines because it was our property.
And when the township decided the septic had to be changed.......WE HAD TO FOOT THE BILL!
Then he didn't pay spring taxes, so guess who the bill came to?
Bottom line...........we got screwed! It seemed like a good idea. It helped his dad out, we owned property outright......and his dad COULD afford to pay the taxes and did for awhile.
But some family will always take advantage. Even if the don't necessarily intend to. Especially when they are not the person responsible in the end.
I am not saying Brian's parents are the kind of people to "stick" you will taxes and stuff, but you never know what can happen. What if they can't pay it for some reason......guess who the tax collector is coming after?
You 2 want to get your own home. That's enough of a responsibility. I say NO WAY! Don't do it.
His father put a property in my ex's name. He lived there. And in the beginning, it was like we didn't even have it. His dad paid the taxes, etc.
We bought our home and it didn't hinder us. It actually helped because the property was paid in full.
HOWEVER! We began getting notices in the mail from the Environmental Protection Agency. FINES of over $1000! His dad was buring wires for the copper so he could salvage them to make cash. YOU CAN"T BURN that plastic off the wires.....it's againist the law. So we got stuck paying these fines because it was our property.
And when the township decided the septic had to be changed.......WE HAD TO FOOT THE BILL!
Then he didn't pay spring taxes, so guess who the bill came to?
Bottom line...........we got screwed! It seemed like a good idea. It helped his dad out, we owned property outright......and his dad COULD afford to pay the taxes and did for awhile.
But some family will always take advantage. Even if the don't necessarily intend to. Especially when they are not the person responsible in the end.
I am not saying Brian's parents are the kind of people to "stick" you will taxes and stuff, but you never know what can happen. What if they can't pay it for some reason......guess who the tax collector is coming after?
You 2 want to get your own home. That's enough of a responsibility. I say NO WAY! Don't do it.
When life hands you lemons, ask for tequila & salt and give me a call!
Thanks so much for sharing the story, Jo.
Brian's parents (well, his MOTHER) IS the type to "stick" it to us. There's a history there already...she was a former drug addict who when she became clean became a shopping addict and ran up to many bills in her name so she used brian's name/ssn etc and racked up debt in HIS name which of course he had no idea of.....so I'm skeptical of the whole thing.
Thanks so much!
Pam
Brian's parents (well, his MOTHER) IS the type to "stick" it to us. There's a history there already...she was a former drug addict who when she became clean became a shopping addict and ran up to many bills in her name so she used brian's name/ssn etc and racked up debt in HIS name which of course he had no idea of.....so I'm skeptical of the whole thing.
Thanks so much!
Pam
Instead of complaining that the rosebush has thorns, be happy that the thorn bush has roses. 
Pam,
It sounds to me, like you already know what the answer is, just need to see it in black and white and have us co-sign your GUT reaction! NO the smallest sentence in the English language, the hardest one for most people to utter.
You may not be able to dissuade them from moving closer, but if they have the money to buy the house outright and it's just a matter of taxes, utilities and monthly expenses, then tell them to be sure to include in those monthly expenses, things such as lawn maintenance and handymen, because you and Brian are going to be having your hands full with their eventual grandchildren and therefore won't be of much help when they run into things that need to be done. I'm sure you can get it across in such a way as to preserve your sterling reputation with them ;)
Hugs, Laureen
It sounds to me, like you already know what the answer is, just need to see it in black and white and have us co-sign your GUT reaction! NO the smallest sentence in the English language, the hardest one for most people to utter.
You may not be able to dissuade them from moving closer, but if they have the money to buy the house outright and it's just a matter of taxes, utilities and monthly expenses, then tell them to be sure to include in those monthly expenses, things such as lawn maintenance and handymen, because you and Brian are going to be having your hands full with their eventual grandchildren and therefore won't be of much help when they run into things that need to be done. I'm sure you can get it across in such a way as to preserve your sterling reputation with them ;)
Hugs, Laureen
My Mantra is that I do not determine my success by the number hanging in my closet, nor will I let the scale determine that success either. . . It is through trial and error I will continue to grow and succeed. . . Laureen
"Success is a journey, not a destination." Ben Sweetland
like others have said... and done... go to a lawyer and have him/she put it into writing why this isn't a good idea... that way if they get all pissy... you got something to back you up...
And since they want to move closer... find the area you would like to move to first... and don't tell them... and then let them pick an area far from your area lol... so they are at least an hour from ya lol... or you can tell them how much more expensive it is to leave here vs where they live (not sure if that is sure or not lol)... lie to them... etc... to get them not to come lol...
Wish telling them lies about expenses and stuff were an option...but they are coming from where we were living and anyone who has lived anywhere close to those areas in jersey know that anywhere except maybe Hawaii is cheaper to live, LOL
I probably will talk to a lawyer to get in black and white although the two other "stories" I have I may just "use" as a meeting with a lawyer.
I probably will talk to a lawyer to get in black and white although the two other "stories" I have I may just "use" as a meeting with a lawyer.
Instead of complaining that the rosebush has thorns, be happy that the thorn bush has roses.
Pam don't walk run! Sorry but the one thing I have learned in the last 14 months is to say NO and NO THANK U. I can tell u for a fact that you will be responsible for everything that happens with that house and they tell you don't do business with family and friends. Makes enemies. If you don't want them living near you and Brian don't give them the means to. So I am assumming that if you decide to do this we can shoot you? Only kidding. Really do you need the aggravation and stress. You already know they have credit issues so why put yourself in that position? And as far as house flipping most of the time its people who have the money and means to buy them and have them restored and sell them at a profit we know lots of people who do it. And yes it would look like you have too much financial obligations when you and Brian go for your mortgage but you said that the house would be brought outright didn't you? If its paid in full before you buy another house then it could be used as your credit to the good but you would still be responsible for the taxes and expenses and insurances I would think so the ? is do u really need that headache?
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