Property ownership can be complex and depends on various factors, including local laws and the specific agreements made when the property was purchased. The best course of action is to consult with a real estate attorney who can provide advice based on the laws and regulations in your jurisdiction.
Generally, there are two aspects of property ownership to consider:
Title Ownership: The title of the property indicates who legally owns it. It is possible for your step-mother to be listed on the mortgage (borrower) but not on the title (owner). In some cases, individuals may be on the mortgage for financial reasons, but they do not have an ownership stake in the property itself.
Equity Ownership: If your step-mother is on the title, she likely has an ownership interest in the property. The amount of ownership (equity) she holds may depend on various factors, such as how the property was acquired and any agreements made between your father and step-mother.
To clarify the situation, you will need to:
- Review the property deed and title to see who is listed as the legal owner(s) of the property.
- Examine any legal agreements or contracts related to the property purchase or ownership, including the mortgage contract and any cohabitation agreements or prenuptial agreements if applicable.
- Consult with a real estate attorney to understand the relevant property laws in your area and how they apply to your specific circumstances.
If your father wishes to leave the house to you and your sister in his will, he should ensure that the legal ownership and any outstanding debts or financial arrangements related to the property are clear and properly addressed in the will.
Again, it is crucial to seek legal advice to fully understand your rights and responsibilities concerning the property and to ensure that your father's wishes are legally enforceable.