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I have been paying the mortgage, taxes and condo fees for my brother's condo for the past 7 years. I would like to protect the money I put into it by having him quitclaim his interest to me but there is a $175K mortgage on the condo. How do I execute a quitclaim deed or otherwise ensure I will get my money back if he dies before me.
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If the total value of the mortgage plus what you have lent/paid exceeds the fair market value of the house, there is no gaurantee you will get your money back. You could have him sign a quitclaim deed and record the deed that makes you joint owners of the property, with rights of survivorship so that his interst passes to you upon his death.
Answered on Feb 28th, 2015 at 8:55 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship