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  1. #1
    Join Date
    Aug 2019
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    Default Cons of a Joint Tenancy with Rights of Survivorship

    My question involves real estate located in the State of: FL

    Hello everyone, my mom and I both sold our homes and are moving into a new home together. We are trying to decide if we should put the title in my name only, or as joint tenants with rights of survivorship. I don't know if it matters or not but the mortgage itself is in my name only.

    Are there any cons or downsides to having a JTROS? Or anything I should be aware of, in general?

    Thank you in advance.

  2. #2
    Join Date
    Sep 2010
    Posts
    19,145

    Default Re: Cons of a Joint Tenancy with Rights of Survivorship

    The cons of deeding it to her with your current financing is that while she owns half the house, you are solely responsible for the mortgage. Why do you want to do this?

  3. #3
    Join Date
    Oct 2016
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    3,133

    Default Re: Cons of a Joint Tenancy with Rights of Survivorship

    How much has mom invested in the home?

    Are you ruling out ever getting married? What about your mom marrying?

  4. #4
    Join Date
    Aug 2019
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    2

    Default Re: Cons of a Joint Tenancy with Rights of Survivorship

    Quote Quoting flyingron
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    The cons of deeding it to her with your current financing is that while she owns half the house, you are solely responsible for the mortgage. Why do you want to do this?
    So in the event of my death, she would automatically get the house without going to probate.

    How much has mom invested in the home?

    Are you ruling out ever getting married? What about your mom marrying?
    Mom has invested about $150,000 in the home. I've invested about $65,000.
    I am definitely not ruling out ever getting married- in fact it is likely to happen. As for my mom- extremely unlikely.

  5. #5
    Join Date
    Jul 2018
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    1,534

    Default Re: Cons of a Joint Tenancy with Rights of Survivorship

    Quote Quoting mickapoo
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    Hello everyone, my mom and I both sold our homes and are moving into a new home together. We are trying to decide if we should put the title in my name only, or as joint tenants with rights of survivorship.
    Why are these the only two options you are considering?


    Quote Quoting mickapoo
    View Post
    I don't know if it matters or not but the mortgage itself is in my name only.
    It will matter to your mortgage lender, who will not likely allow you to have anyone else's name on title unless that other person signs the mortgage.


    Quote Quoting mickapoo
    View Post
    Are there any cons or downsides to having a JTROS? Or anything I should be aware of, in general?
    Joint tenancy with the right of survivorship means that, when one of the joint owners dies, his/her interest in the property passes to the other joint owner(s) by operation of law (i.e., automatically). Joint tenancy is typically contrasted with tenancy in common. If A and B own property as tenants in common and A dies, A's interest will pass in accordance with his/her will or the state intestate succession laws (i.e., the laws that say who gets what when someone dies without a will). On the other hand, if A and B own property as joint tenants and A dies, A's interest passes "automatically" to B, regardless of what A's will or the intestate laws might say. Whether you consider any of these things to be "downsides" is entirely up to you.

    Quote Quoting mickapoo
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    So in the event of my death, she would automatically get the house without going to probate.
    Death is not an "in the event of" thing. I assume you meant if you die before your mother dies.


    Quote Quoting mickapoo
    View Post
    Mom has invested about $150,000 in the home. I've invested about $65,000.
    Invested? Past tense? Have you already bought this property?

    Why will the mortgage be only in your name, and why would your mother consider allowing title to be in your name only when she's putting up nearly 70% of the initial investment?

  6. #6
    Join Date
    Oct 2006
    Posts
    15,502

    Default Re: Cons of a Joint Tenancy with Rights of Survivorship

    Quote Quoting mickapoo
    View Post
    So in the event of my death, she would automatically get the house without going to probate.


    Mom has invested about $150,000 in the home. I've invested about $65,000.
    I am definitely not ruling out ever getting married- in fact it is likely to happen. As for my mom- extremely unlikely.
    How much did you have to borrow? It certainly sounds like mom has a significant vested interest in the house and therefore the right to be on the deed.

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