Expert: Dick Dennis - 10/27/2006

Question
My husband and I own a home in New Jersey with my mother.  We put down 2/3 of the money at purchase.  Our deed does not specify the percentage of our ownership.  My mother claims that we own it 50/50.  Is that true or do we own 1/3 each?

Answer
Family or no family, any "partnership" should be put down in writing. There is an old saying in real estate, "If it is not in writing, it was never said."

Before you put the money down, you should have indicated how much interest you have in the property. You should also have gone to a REAL ESTATE attorney to have an agreement drawn up and show how the title to the property should be held. There are several different ways of holding title. A good real estate attorney will show you the best way in your present position. The best way is to hold title in a revocable living trust. This way the trust owns the property with you, or your husband, or both of you, or your mother as trustee(s)or all of you equally. You still control the property as usual, but should your Mom leave this mortal coil (or any one of you, for that matter), the remaining trustee(s) continue in ownership. It does not affect any loans you may have on the property and is very secure. See the attorney right away.

I do wish you well.

Dick Dennis      dick@oldproblemsolver.com