If the co-owner of a home passes away, does the other owner retain full ownership?
Question: If there was a property up for sale and a person whose name is on the deed passed away before the house sold, will the beneficiary's children take over for the beneficiary or does the other remaining party that was listed on the deed take full ownership of the sold property and money from that sale?
Answer: The answer to your question depends on how the Deed was prepared. If you could fax me a copy of the deed, I could quickly answer your question. If the parties own the property as "joint tenants", then the survivor takes the property. If they owned it as "tenants in common" or if a tenancy was not stated, then the estate of the deceased co-owner still owns half.
Ask An Attorney
Do you have legal questions?
Use our form to send your question to us and our lawyers will post the answers on our website.