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There are hazards to being co-owner of a home

Q. My house is paid for, I am single and have no kids.

I was wanting to put somebody's name along with my name on the title, so in case I die the house will go that person. But what if this other person gets in some kind of trouble and they get sued. Can I lose my house over this?

A. Yes, if one of the owners of the house gets into legal difficulties, then liens (financial claims) can be filed against that person's share of the property. You might or might not lose your house at that point, but selling it, borrowing against it or acquiring a reverse mortgage could become complicated if not impossible. (States have varying rules about what would happen if the co-owners were married.)

As you have no spouse or children, you might achieve what you want simply by making out a will. Some states allow a TOD (transfer on death) to accomplish the same thing. Your situation should be discussed with a lawyer, perhaps one who specializes in estate planning.

Q. Is it necessary to keep all the mortgage paperwork that I have from the initial purchase of my house and then from refinancing it multiple times? The house has been paid off and that has been filed with the county.

A. If in the past few years you've been taking income tax deductions for mortgage interest payments, keep the year-end reports that document those. Keep closing statements from your original purchase of the property. After that, if you're sure the last payoff has been entered in the county's Public Records Office, you can discard most of the other paperwork. Just keep any originals or copies that acknowledge payoff (satisfaction, discharge or conveyance deed) for each of those earlier mortgages that was refinanced along the way.

Q. I'm in my early 60s and have lived in my circa 1900 house since 1976. The mortgage was paid off in 2001.

I would like to sell the house before I retire at age 65 in order to downsize to an apartment, but financial constraints over the years prevented me from making some repairs and renovations, including remediation of lead-based interior paint, a sorely outdated kitchen and bathroom, sagging porches and insufficient and outdated electrical outlets throughout the house.

Similar homes in my neighborhood are selling well, but presumably in better condition than mine. I can't see spending badly needed retirement savings to make updates and repairs that I won't even get to enjoy myself before selling the house. What is my best course of action?

A. Drive around and find the lawn signs of three different real estate companies that are selling in your neighborhood. Jot down their phone numbers. Call and explain that you're not quite ready to sell yet but you could use some advice in the meantime. If that doesn't yield three offers to come over and give you expert opinions - free of any obligation - then call a fourth brokerage as well.

You'll get better information than I can give you from this distance. Local agents are familiar with buyer expectations in your market, and even better, they can look over your house. I'd be interested in hearing whether they all offer similar advice.

Q. My daughter bought a house in July. At the closing, she was told the abstract was being finalized and it would be mailed to her. She called about it the other day and was told it was still being finalized. Something doesn't seem right about this, so I thought I would ask your opinion.

A. That abstract will have gone through several hands. Given a July closing, though, it should certainly have been sent to your daughter by now. My lawyer says "Just tell her to keep after the closing agent and everyone involved."

Q. I have another tub/shower opinion. No one seems to worry about where to wash the pooch? Of course there is a dog-wash bay in a few car-wash facilities, but still.

Q. I am what they call "aging in place:" I want to grow older and still stay in my own home. No, I wouldn't throw parties there but if I could afford it, I'd have a large no-threshold shower with grab bars and a built-in bench.

A. That phrase "aging in place" is used these days to describe the goal for many seniors, and yet, come to think of it, isn't everyone already aging in place, every minute?

• Edith Lank will respond personally to any question sent to edithlank@aol.com or to 240 Hemingway Drive, Rochester NY, 14620.

© 2016, Creators Syndicate

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