Buying with Mother

Expert, localized Los Angeles answers provided by Heather Roy

Buying with Mother
	MY MOTHER & I ARE BUYING A HOUSE 1/2 &1/2. AS FOR THE DEED-WHAT KIND WOULD PROTECT ME FROM HAVING TO HAVE 2ND CLOSING COSTS IF SOMETHING SHOULD HAPPEN TO HER. SHE IS 84, SHE HAS 5 OTHER OFFSPRING. I AM 60. SHE NEEDS TO PROTECT HER ASSETS AND I, MINE. I HAVE 3 ADULT CHILDREN. I PLAN ON BUYING HER OUT WHEN I RETIRE. THANKS

	If the deed says you are buying "as tenants in common", or if it doesn't say anything after listing your names, then each of you has the right to leave your share to any heirs you choose. If your names are written on the deed as "joint tenants" or "joint tenants with right of survivorship" then when one dies, the other will automatically become complete owner. I don't know what closing costs you are worried about, but if you are getting a mortgage loan, I can tell you that most lenders do not call in a mortgage or make any change in it when property is inherited by a family member. Hope this answers your concerns. If not, feel free to write again with more details.
	Edith Originally published on September 26, 2007

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