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Updated almost 8 years ago,
NJ - inheritance of home
Greetings,
Home is in NJ, not sure if state rules differ. Anyway, here's the details:
1976- Joe and Sam, both single, buy a home. The deed does not state whether they are joint tenants or tenants-in-common. The deed does state that they are both married.
1986- Joe wants to move away and sells his interest to Joe and Sam's brother Bill. Bill and Sam assume the balance of the original mortgage and also take out a private mortgage with Joe. Both the original mortgage and the private mortgage are paid by 1995
The deed, issued in 1986, states it is a transfer from Joe (unmarried) to Bill and Sam (as joint tenants).
2014 - Sam dies, without a will. Sam was unmarried.
2016 - Bill dies. Bill had a will, his son Steve the sole heir of Bill's estate.
Question for those that know...does Steve inherit the entire home?
Thanks!