answersLogoWhite

0


Best Answer

In addition to the information provided above you, as the former owner, may have responsibility for issues NOT disclosed about the property during your time of ownership such as buildings or structures on the property without having proper authority or permits, chemical contamination, structural defects, dangerous conditions, etc. Some states require disclosure statements and professional inspections.

User Avatar

Wiki User

βˆ™ 2016-02-19 21:34:28
This answer is:
User Avatar
Study guides

Mortgages

19 cards

When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

How long do you have to wait in Canada before purchasing a house after bankruptcy

What is a mortgage lien

Is home owners insurance required

➑️
See all cards
3.18
β˜†β˜…β˜†β˜…β˜†β˜…β˜†β˜…β˜†β˜…
11 Reviews
More answers
User Avatar

Wiki User

βˆ™ 2016-02-19 21:37:23

Mortgages have a due on transfer clause that is triggered by any transfer of interest to a third party. If you granted any mortgages on the property you are responsible for paying off the mortgage from the proceeds of the sale. The attorney who represents the buyer will generally make certain mortgages are paid since they are certifying the title. If the mortgage isn't paid off the lender will foreclose and take possession of the property by foreclosure. The same goes for any other outstanding liens or property tax obligations. The buyer’s attorney would make certain those liens are paid off before the buyer takes title.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Are you financially responsible after you deed over the property?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Will getting the deed signed over to you give you rights over the house?

If you acquire a property by deed then you will be the owner. You will have the right to the use, possession, income and profits from the property. You will have absolute rights in the property. You will also be responsible for the property.


Could a Living estate over ride a quick deed?

If the owner of property conveys that property by a quitclaim deed while they still own it then they no longer own the property. It is now the property of the grantee in the deed.


If the deceased left his home to a certain person and her name is already on the deed does she just take over the loan?

my aunt left me property in her will, and now I would like to sell the property, but I don't have a clear deed. how do i get a clear deed to the property so that I can sell the property?


Are parents still financially responsible for children over the age of 18 in New York?

No they are not.


Can a property given in gift deed reclaimed by the grantor?

Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.


Can you get out of a quitclaim deed after you sign it over to someone else?

If you own property and execute a quitclaim deed transferring your interest. You no longer own the property. If the property is subject to a mortgage or if you made the transfer to avoid creditors you have complicated the title and created a problem for yourself but you cannot undo that deed. The grantee in that deed would need to convey their interest back to you. Transferring property that is subject to a mortgage will trigger the "due on transfer" clause. You should consult with an attorney.


Does community property law over ride an executors deed?

Yes, community property takes precedence. The estate cannot do something with property that does not belong to them.


How do you add your wife's name on to the title deeds of your property?

Adding someone to your house deed requires the filing and recording of a legal document known as a quitclaim deed. The quitclaim deed is a new deed that legally overrides the deed currently in effect. By filing the quitclaim deed, you can add an individual to the title of your deed, in effect transferring a share of ownership over the property with the added individual.


Can 1 person sell a home if 2 people are on mortgage but 1 signed over the deed?

The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.


In simple terms what does it mean to receive a deed in lieu of foreclosure?

A deed in lieu of foreclosure refers to the process of handing over a property deed to the mortgage financier and no longer having to pay the mortgage. The property now belongs to the company who financed the mortgage.


You want to sign over your rights of your children will you financially be responsible?

Yes, until/unless the child is adopted.


What is an accommodation deed?

To give someone access over your property? To give away some of your land?

People also asked