Real Estate Issues Can Haunt Your Estate
Real estate often involves both a mortgage and a title. The person on the mortgage is the party who is responsible for paying the mortgage note. The name(s) on the title is who legally owns the home. It is important to understand the interplay between the mortgage and the title as a baseline. Hypothetical #1: Jessica owns her house. Her boyfriend, Tom, moves into the home with her. Since he pays her rent, she adds him to the quit claim deed as a joint tenant. Jessica dies. Analysis: Tom owns the home, but has no legal obligation to pay for the home....
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