Deeding Question - how to include my parents?

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

I (along with my husband) am buying a resale at a resort in Cape Cod that allows day use of the facilities which includes an indoor pool.
My parents live a few miles away so this would be a great perk for them. They are a very healthy and active 76 & 78
However I don't want this to be a big hassle for any of us, either.

I was thinking that in order to avoid 'estate' type issues, the deed should state the ownership so that if one person dies, the interest shifts to the other parties...does this seem like a good idea? Some sort of 'survivorship' statement???

How should this be worded?

Any help here or via pm is appreciated.

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

I believe that it is different for many State in the USA. I hope you will get a reply from a RE broker or an attorney. Dave M seems to know an awful lot too. I believe that two States are involved already with your purchase. Good luck.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

I believe that it is different for many State in the USA. I hope you will get a reply from a RE broker or an attorney. Dave M seems to know an awful lot too. I believe that two States are involved already with your purchase. Good luck.

Thanks Em, I 'pm-ed' Dave - just wanted to see what others will say.

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

Pat, day use will be very nice for your parents to have. We have day use at one of our resorts and we like it and use it too when we go that direction.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Not lawyer, but have you checked with resort see what they say how can someone in the family to use the perk? And how they define family? Maybe family including parents and they can enjoy it without owner's present?

I believe you can use google do some search and talk to some professional when you feel comfortable. You prob. want to search on "joint tenants with right of survivorship" or just joint tenancy". But it means all the person in the deed must signed if you need sell it or do something on it (like gift it to your kids) if all are still alive.

Jya-Ning

[wanderer8844 Junior Member Find all posts View Profile Close wanderer8844]

What is the procedure if you want to put children on the deed but they live in a different city? I was unable to put them on a deed on my latest purchase (resale) because they could not sign in front of a notary.
Thanks,
Sam

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

What is the procedure if you want to put children on the deed but they live in a different city? I was unable to put them on a deed on my latest purchase (resale) because they could not sign in front of a notary.
Thanks,
Sam

You mean those possible legal template where when they signed they authorize you to manage certain aspect of their financial well being, so you can add them to the deed and they have no choice but to take what your decision is now after you dead ? Or if they did not pay attention, you maybe able to sign a marriage certification for them. Will they trust you?

Not a lawyer, have you google "Power of attorney"? I believe they need to notorize it when signed if they are in the country, otherwise they may need to fill some form in the Embassy and has them signed also. So when you sign the deed, you will have that document with you.

Jya-Ning

[wanderer8844 Junior Member Find all posts View Profile Close wanderer8844]

They are in the country, just not in the city where we are. Can they sign separately in front of another notary?

[1950bing Senior Member Find all posts View Profile Close 1950bing]

Don't do that to your kids.

[barndweller Moderator Find all posts View Profile Close barndweller]

My mom (age 78) wanted to buy a unit at SLB for her own use after I sent her there on bonus time one weekend. But she wants me to take care of reserving, exchanging, making sure MF & taxes are paid, etc. So we put both of us on the deed. The resort is in the same state where we both reside. Had no problem and we have both been enjoying it for a couple of years now. She did not include this TS in her Trust, however. My siblings are aware of this & don't care.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Thanks for all your replies. I was advised by several people to have the deed read "Joint Tenants with Right of Survivorship". Since my parents are currently in Florida for a few months, I am going to have them sign a 'limited power of attorney' pertaining to this transaction only so I can sign all the papers necessary for this transaction. And I will tell my brother and sister what I am doing.

A lot of trouble for a $250 purchase, huh but they will enjoy it!

To answer a question posted above, day use is for deeded owners only.

We have our son on the deed to one Marriott Week and will add our daughter to one we will buy in the future - just so they are treated as 'owners'.

[4ARedOctober Super Moderator Find all posts View Profile Close 4ARedOctober]

Pat,

I think it is great of you to go through all of that trouble. It sounds like it will be well worth it. And thanks for sharing your results in case some of us want to do something similar in the future.

John