Financing for daughter can supplement owners’ income
Q: We are retired and considering financing a house for our daughter to supplement our income. It depletes our retirement funds, but increases our monthly income. Is this a good idea? A : We think so, and this is becoming more common. Your kids get easy financing, you have an increased income earning interest.
The only problem is your living child tearing up the house and then defaulting on the loan. Good luck with it. Q : I just got married. My husband owns a house and I want to get on the title. How do I accomplish this? A : It is your husband’s separate property. Is he willing to transfer part of the title to you? If it is a gift, it becomes your separate property. This is not a simple question. Seek legal help on this. If you want legal advice, you need to consult your own attorney. Q : My sister in law passed away and left her home to our two minor children. This was all she had and we don’t want to go to the expense of probate. What do we do? A : Go through the expense of probate. It isn’t that expensive, and the children’s interests must be properly accounted for.
You may have to go through a guardianship proceeding, too. This is no time to be frugal. It creates more problems in the future. Q : We are buying a home and the seller has a judgment lien against him for a debt. The title company refuses to close it until this debt is paid. Another title company has offered to close it. What’s this all about? A : A judgment lien doesn’t attach to a Texas homestead. The title company has to be convinced that this is the seller’s homestead and then decide to take the risk. Each company looks at these things differently. Change title companies.
To send us a question visit www.AskGeorge.net and select the “Ask A Question” button. Our answers to questions do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney. George Stephens is the broker of Stephens Properties. Charles J. Jacobus, J.D. is Board Certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law.