When to sell a jointly owned home?
Six years ago, my father put my name on the deed to his house with the intention of it being my and my sisters inheritance. For the last year he has resided in a nursing home and will probably not be going home. (Alzheimers) Can I sell the house?
- 1 decade agoBest Answer
If both of your names are on the deed, you may need his signature as well. Has he become so demented yet that he needs someone to make his legal decisions for him? Do you have power of attorney yet? Whomever is making is legal decisions for him, if he is on the deed, must be willing to sign for him if you do not have power of attorney.
OR---you could rent the house for a while or until he dies and the value of the home may increase by then, thereby giving all of you a greater inheritance.
OR---If there is insurance to cover him whilst in the nursing home, but there is a danger of it running out, you could loose the home to cover medical bills. If you sold it and it is still in his name as well, the money that would be "his" portion could go to medical bills.
I am not sure what your situation is, but you have many choices as well as what your siblings want.
- Wicked GoodLv 61 decade ago
You need to consult a real estate attorney and perhaps even estate attorney. You need to proceed carefully especially since it could result in changes with his entitlements with assistance in paying for the nursing home. It is complicated. Especially since he planned on both of you inheriting the home. Does he have a living will? That would have been a better option. But you need to look into all legal aspects of the situation.
- desertflowerLv 51 decade ago
Sell it before he dies. People come out of the woodwork after a death and they will claim he meant the dollars for them!Source(s): Experience!
- JenLv 51 decade ago
if you get your sisters OK, then you can sell. but if your dads name is still on the title, and medicaid/medicare payed for his care (or he gets ssdi/ssi) , i would be very careful and call a lawyer first.