[Lindsay]

Hi loan officer here.
You can take a mortgage and be added to the deed at the same time.

If there is a first loan on the property you may need to qualify with that payment as well.

There are quite a few details that would need to be worked out.

But one big one is removing your sister from the will/trust as she would be paid out and you wouldn’t want to pay her out twice.

If you are in CA I’m happy to answer some more questions, I don’t know specifics in other states, but I can help with general questions.

[René]

Your mom owns the property and does not have to do what your sister wants her to do.

I would not pay her anything right now.

I would also consult with an estate attorney.

Paying out anything before someone is deceased is risky.

[Stacy]

You need to consider that if your mom adds you to the deed then you assume her basis in the property.

This could lead to a huge capital gain if you ever sell the property.

If you inherit after she passes it has a step up in basis to value at date of death (or alternative date up to 6 mos later based on executor decision)

[Roxanne]

Maybe it could be put into a family trust? When in a trust, all members must agree to the sale.

[Caitlin]

Can your mom just sell it to you now so you own it and your mom take the proceeds as cash and can do what she wants with her money until she dies at which point you and your sister would still each get half?

[Chauncey]

If it were me I might wait until after your mom passes and then you could buy your sister out of her shares of the property.

Alternatively, your mom could give your sister a gift now and then put in her will/trust that you get the property after her passing.

[Author]

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