Parental risks of child home purchase?

[smpk42]

What is the name of your state? MA
Our 22 year old daughter is considering purchasing a home for investment purposes. She still lives with us (her parents) at home. What are the legal risks bestowed upon us (the parents), if she becomes a homeowner and continues to live at home with us. Can we be included in any potential law suits against her purchased property? Are there any other ramifications and concerns for us (the parents)?What is the name of your state?

 

[PghREA]

If the home is titled in your daughter's name only, all the risks and liabilities are hers alone no matter where she lives or who she lives with.

 

[smpk42]

thanks for your response, pghREA.
Do you have any referential resource regarding your statement?
It's not that we don't believe you, but we would like some concrete evidence that our liability is clear and free.

 

[PghREA]

thanks for your response, pghREA.
Do you have any referential resource regarding your statement?
It's not that we don't believe you, but we would like some concrete evidence that our liability is clear and free.

Mainly, it is comon sense. At some point in time, somewhere around age 18 to 21, your children do become adults. At 22, your daughter is considered an adult and is responsible for her own actions.

You should make an appointment to speak with a local attorney to get answers to your questions and concerns.
The attorney will have references, resources, codes, and case law (for your area) that he will be able to show you.

This will start you off.

AGE OF MAJORITY
Adulthood in the eyes of the law. After reaching the age of majority, a person is permitted to vote, make a valid will, enter into binding contracts, enlist in the armed forces and purchase alcohol. Also, parents may stop making child support payments when a child reaches the age of majority. In most states the age of majority is 18, but this varies depending on the activity. For example, in some states people are allowed to vote when they reach the age of eighteen, but can't purchase alcohol until they're 21.

 

[lwpat]

If she rents out the home she will then become a landlord with all the duties and responsibilities. There are a lot of traps for the unwary. She needs to become very familar with the Landlord/tenant laws and do everything right. Just take a look at the posts under that subject.

 

[smpk42]

Thanks for your feedback lwpat.
This is pretty much where our concern (the parents) comes from. Should she be sued as the property owner, can a plaintiff include us in a lawsuit since she is our child and lives at our residence? Any thoughts?

 

[LegalStranger]

Thanks for your feedback lwpat.
This is pretty much where our concern (the parents) comes from. Should she be sued as the property owner, can a plaintiff include us in a lawsuit since she is our child and lives at our residence? Any thoughts?

PghREA I do believe, adressed that already, reread pgh's post.

Unless, you are co-owners of the property.

 

[shell007]

What is the name of your state? MA
Our 22 year old daughter is considering purchasing a home for investment purposes. She still lives with us (her parents) at home. What are the legal risks bestowed upon us (the parents), if she becomes a homeowner and continues to live at home with us. Can we be included in any potential law suits against her purchased property? Are there any other ramifications and concerns for us (the parents)?What is the name of your state?

Since your legal question has already been answered...I have a question because I'm curious.

You daughter is 22-years-old and living with you. Since she has the funds to purchase a home, why is she not considering moving out of your home and into her own?