Home Buying in 97062>Question Details

Tbunn, Home Owner in 97062

I am the executor to my mothers estate. I have 2 siblings. Can I have a title company put the home in all three of our names?

Asked by Tbunn, 97062 Tue Aug 7, 2012

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6
Always consult a real estate attorney. They will be able to guide you. Good Luck
7 votes Thank Flag Link Wed May 1, 2013
Best of luck
Flag Sun Jun 9, 2013
Thanks for the information.
Flag Thu May 23, 2013
seriously? 4 votes for telling someone to call an attorney?

And for the record, "Cape Cod" you don't get extra points on Trulia if people leave a reply to your answer.
0 votes Thank Flag Link Fri Jun 14, 2013
Thanks for viewing!!!
Flag Fri Jun 14, 2013
Yes, you can have a title company put the home in all three of your names.

The strategic question is what purposes are you seeking to serve. Once you make the change in title your authority as executor disappears. The house title is then subject to judgment debts and liens of each of the owners. Subsequent title transfers and disposition of the property requires the cooperation of three people rather just one.
0 votes Thank Flag Link Sat Aug 11, 2012
I would strongly recommend talking to an attorney before you make any changes. I could provide a referral to an attorney, or you can obtain a referral through the Oregon State Bar's attorney referral service. Through the Bar's service, you pay $35 for a half hour consultation.

Title companies have pre-made, template forms for a simple title transfer. However, they are prohibited by law from drafting legal forms, and cannot provide a specific form that is necessarily tailored to fit a specific need that may be unique to your situation.

You also can obtain template real estate documents, like those from a title company, at major office supply stores. "Stevens-Ness" is a major publisher of generic legal forms for Oregon, and their forms are sold in many office/stationery stores, as well as online at stevensness.com.

The best way to make sure you get the exact legal document you need, which incorporates any unique terms you might need as a contingency for some unexpected future event, is to discuss your needs with a lawyer.

Best of Luck.
0 votes Thank Flag Link Fri Aug 10, 2012
Think carefully before adding names to the deed. Talking to a good real estate attorney is good advise. I like the idea of a trust. If and when you go to sell, having multiple sellers can be a real headache.
0 votes Thank Flag Link Tue Aug 7, 2012
The title company can create the document you can have recorded for this purpose, however, it would be a good idea to talk with the attorney handling the estate, or one of your choosing, and see if he/she can draw up an agreement that all family members sign and agree to first with regard to the sale and disbursement of proceeds and record the agreed upon document along with the title change document.

Another option, again talk with your attorney, might be to create a Living Trust, put the property in the trust's name, and designate the current Trustee, and subsequent Trustee should anything happen to you, to manage the Living Trust. Then the trust would be the seller when you decide to put it on the market. Plus you can designate how the proceeds would be handled when sold, plus any other property that inheritors would receive when a family member passes.

Good luck. If I can help please let me know.

Passages Realty
Kris Simpson, Oregon Principal Broker
Kris@PassagesRealty.com
0 votes Thank Flag Link Tue Aug 7, 2012
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