Possession may not be best option for divorcee owner

Q: I am going through a divorce and will get the house and 5 acres. I have young children, along with the property, to care for. My parents tell me to sell now, but if I can't sell for what I owe, what do I do? -- via e-mail

A: If the place isn't worth as much as the mortgage against it, why on earth would you agree to take it on? You'd just be getting debt, not an asset. If you want to continue living there and you can manage the payments, that's one thing. But otherwise, I'm afraid you're falling in to a classic trap. Many women, upset by the stress of divorce, understandably cling to their homes. "Whatever else happens, I want to get the house." But if they can't afford it or would be taking on a problem, they're asking for serious trouble.

Fickle home buyer

faces big problem

Q: I am buying a house. Settlement is five days away, and I changed my mind. How do I get out of the contract? -- K.

A: With difficulty and probably with some expense. Get to a lawyer immediately.

Deed can be easy,

abstract can be tricky

Q: A year ago, I purchased a cottage on a river. In a nearby town, I hired a lawyer. He put the deed on record and took care of everything except sending me the deed and the abstract. I paid him promptly, and he said he was getting it together to mail.

I've written and called. I've gone to the address he gave me, but there's no one there, and I still have no answers. -- S. D'A.

A: If the deed has been recorded, that's what really counts. You don't need a copy, but you could get one from the records office if you wanted.

About the abstract, I can think of two remedies: a complaint to the county's bar association and/or a suit in small claims court, where you'd ask for the price of a new abstract. Perhaps a letter mentioning the possibility will be enough to get some action.

Widower needs lawyer

to determine ownership

Q: My significant other for 11 years recently died in an accident. We co-owned a home with both our names on the mortgage, and she had no will. Does the house now belong to me? Her family wants to remove some appliances and furniture. Is this permissible, given it is part of the house contents? I am unable financially to hire a lawyer. -- via e-mail

A: A lawyer always should be consulted when someone dies. If you can't afford one, contact your local bar association to find out what help may be available.

If you owned the house as "tenants in common" or if the deed doesn't say how, then her share probably will go to members of her family (her children or, if she had none, her parents or other relatives).

If you owned as "joint tenants" or "joint tenants with right of survivorship," then you automatically became full owner when she died.

The deed by which you received the property should tell which way you took title. In any event, that doesn't determine who owns the furniture and appliances, which are personal property, not real estate.

Avoid putting minor

on deed of residence

Q: I want to add my daughter to the deed of my townhome, but she is only 15. I want to do this in case anything happens to me, to be sure the kids have a place to stay. I'm trying to avoid doing a living will/trust. -- J.

A: Ownership of real estate by a minor creates all sorts of complications and legal expense. You'd have trouble if you wanted to refinance, and you'd be involved with the courts if you ever needed to sell. If you did sell, part of the proceeds would be put in trust for your daughter until she reached majority. At that point, she could do whatever she wanted with the money. In fact, if she were a co-owner, she might even be able to force a sale.

Drawing up a will is simpler than you think, and it would be a great help to your kids if they ever needed it.

Rental property sale

may not be effective

Q: I have a rental property that I am thinking about selling. I also have a property that I live in. I would like to know what would happen if I were to sell the rental and pay off the property I live in with that money and call the property a rental? The reason is that I need to fix up the property where I live, and I would like to have it as a tax deduction. -- via e-mail

A: It's not clear what you're proposing, but I'm pretty sure whatever it is wouldn't work anyhow.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.