Ungrateful daughter causes problem for parents
Q. My husband and I own a summer home. As a gift to our daughter, her name was placed on the title. She owns one-third and we own two-thirds. She continues to use it regularly on the weekends. She has become very verbally and emotionally abusive to her father and me. She has never paid any of the taxes, insurance or utilities. Is there any way we can have her name removed from the deed and title?
A. I am not a lawyer and you may want to double-check with your own attorney, but I'm pretty sure there's no way to take back a gift.
Q. I am in the process of signing my house over to family, but they want to assume my mortgage. Do you have to be current on your loan? Or will they include my delinquent payment? Also, which would be better to sign over, the deed or mortgage assumption?
A. You can always sign a new deed that would transfer ownership of the house. The mortgage, though, is a different matter. It represents your personal responsibility, as well as a financial claim against the house. You can't simply sign it over. Better check before you do anything. You need the lender's permission for your family to assume the mortgage. If it's an FHA or VA loan, and if your family proves they're financially qualified, they can take it over. With any other kind of mortgage, the whole debt usually becomes due immediately when there's a change in ownership.
Sounds as if you need some professional guidance. Try your local branch of Consumer Credit Counseling, a nonprofit agency.
Q. We own about 15 acres. Recently, a gentlemen came and said that he owned the mineral rights to the property. We asked him if he could tell us how he came to obtain them, and he became very agitated and nasty. We have gone to the county courthouse and searched back the deeds for a long period, but we found no record of anyone owning them or his name. We are not sure how to proceed and would appreciate any assistance you could give us.
A. You were right in thinking that if an owner of your land had ever transferred the mineral rights beneath the surface, a document to that effect should show up in your county's public records office. In your situation, I'd ask a real estate lawyer to double-check.
Q. On May 3, we sold a house. Obviously, the buyers had an inspection. They had received a quote of $4,160 to repair the roof. We agreed to give them a credit at the closing for $2,080, splitting the cost of the roof replacement. They have not repaired the roof. Do we have any legal recourse to recover this amount? Can we demand the roof be repaired and have the buyer send us an invoice or receipt showing that the roof has been repaired at the cost stated $4,160?
A. I don't think so. That roof is their concern now, not yours.
Q. We've been told by our financial adviser to either buy a second home or change our asset allocation. We wanted to buy a second home, but we are not sure of the right area. He's telling us to buy or rent it out now until we are ready to retire in about 12 years.
We are just not sure which area will rent the easiest. We like the Carolinas and are contemplating Myrtle Beach because it seems to be always crowded. The preference for our type of lifestyle would be the least crowded area. Our adviser told us that since we are buying to rent, we could always sell both homes later and buy what we really want. Do you have information on what coastal areas rent the most homes?
A. I don't know your financial situation, so I can't tell why your adviser thinks you should invest in an out-of-town rental at this point. Being an absentee landlord is asking for trouble. Being an amateur landlord is asking for headaches. Investing in retirement housing years ahead can be a mistake when things change. So, I'm not going to be much help with this one.
Ÿ Edith Lank will respond to questions sent to her at 240 Hemingway Drive, Rochester, N.Y. 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.
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