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we entered into equity share 25 years ago with brother and sister in law. Their name is on the title as owners, we have paid the mortgage all this time and they have paid the tax bill. we claimed the interest all these years. We sent the mortgage to them and they paid the mortgage. recently they asked us to send the mortage payment to the title company directly saying we couldnt prove house half ownership. recently we did will with attorney and he said if brother in law pass away our house go to his relatives. attorney drew up papers stating if brother in law pass away the house if quick claimed to us. these papers would be submitt only on the event of his death so they are in limbo. my question is can our names be added to the deed without tax consiquences because the transfer or the addition of names, would be sister to sister. thank you very much for your help on this....vesteri

adonis · Posted: Wed Feb 09, 2011 7:48 pm Post subject:

Hi vesteri,

The person who is the owner of the property should sign a quitclaim deed and add your name to the property deed which will make you one of the owners of the property. But as far as I know, you'll be liable for taxes.

Guest

thanks for your help in this matter, there is quick claim deed signed but the attorney has not submitted it to the county unless there is a death in family. the taxes would go from 2000 a year to 15000 a year. the fear is we cannot afford that. seems to me only option is to sell and split profit and go out separate ways. Best Regards to you

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