Q: We have an accepted offer on our home and we have moved into our new condo. The buyers are relocating and their temporary housing has mold issues and they want to move into our house before closing and pay us rent. Is this something we should do?

A: My opinion has never changed on this subject — don’t do it! There are many things that can go wrong. I have had previous conversations with attorneys and they don’t recommend it either. What if after moving in, the buyers decide they don’t like the house as much as they thought and change their minds about purchasing the property? What if their mortgage doesn’t go through and now you have renters? What if your renters don’t pay their rent? Now you have to go through the eviction process which takes time and costs money. What if while staying there they have a big party and damage your home? There is also the whole liability issue. What if they or a guest get injured? Are they going to have insurance coverage or are you going to get sued? There are many more pitfalls. You would be taking a very big risk. The best option for you as the sellers is for the buyers to find another temporary housing choice. As always, contact an attorney regarding any legal matters.

Q: We are looking to add our adult children to the deed of our house by filing a quit claim deed. A friend of ours said that it would keep the house out of probate for them after we pass. How do we do this?

A: I am asked this question often. There is a lot of misinformation about it. What I would recommend is to consult an attorney who specializes in estate planning. One option they may recommend is a life estate deed (aka lady bird deed) or perhaps setting up a trust to put the property in.

Here’s the downside to adding your children to your deed via a quit claim deed: Let’s suppose that your home is paid in full. Now you add your children to the deed and file it at the county. Next your son or daughter does something stupid or has an accident and injures someone. Your son or daughter will get sued and more than likely the attorney suing them will do an asset search and find out that he/she is on the title (name on deed) to your home. Guess what? They are going to go after your home because the deed gives your son/daughter ownership in it.

Here’s another example of what could go wrong: Your son/daughter is married to someone who you’ve never really liked. After many years of marriage, they get a divorce. Guess what? It is very possible that the ex could get added to your title (deed) for an equal share of what is your child’s property.

Again, I would consult an attorney to see what is best for you. If you do not have an attorney, give me a call and I will refer you to one. My readers absolutely have the best questions!

Steve Meyers is a real estate agent/Realtor at Realty Executives Home Towne in Shelby Twp. He can be contacted with questions at 586-997-5480 or email him at Steve@MeyersRealtor.com You also can visit his website at AnswersToRealEstateQuestions.com.