Have a similar situation and need to confirm ownership percentage
Myself, my mother and her husband all on deed as joint tenants. I believe this means we own 1/3 each. Property is primary home for my mother and her husband. I do not live in the property.
My mother's husband executed a interspousal transfer deed to remove his name from the deed (Medicaid preparation). It was signed between them and I am not a party to this transfer document. I'm assuming after this, my mother and I are joint tenants. However, she owns 2/3 and I own 1/3. Is this understanding correct?
We plan to sell the property soon and ownership % would determine how much tax each of us pay. She and her husband does qualify for the $500k primary home exemption.
