There are 2 types of ownership for real estate and, indeed, any property, equitable and legal. Legal is evidenced by proof that cannot properly be challenged in court and is recognized by the law as against all others. Equitable is demonstrated by the facts and circumstances and is evidence that you, as opposed to any other, have the clearest right to obtain legal ownership. You currently have an equitable ownership interest in the property and have the right to live there.
However, I strongly advise that you convert that to legal ownership ASAP so that you may be free to borrow against the property or sell it as well as survive any future challenges. Once a person dies, the Orphans Court is the only legal method to transfer legal ownership. You should probate the Will and then the Estate can deed the house to you.
I trust this answers your questions and, if you live in the Delaware Valley, feel free to call or email me on a free initial basis.
Best Regards,
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
(610) 489-3041 o
(610) 489-3042 fax
nahrganglaw.com
Answered on Dec 31st, 2021 at 9:51 AM