0
What else can I help you with?
What is the best way to transfer a gift asset to a family member?
The best way to transfer a gift asset to a family member is typically through a legal process such as a gift deed or a trust. These methods ensure that the transfer is properly documented and legally binding, protecting both the giver and the recipient. It is important to consult with a legal professional to determine the most appropriate method for your specific situation.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
What is the defference between legal mortgage and equitable mortgage?
Legal MortgagesA legal mortgage is one created under law. Every jurisdiction has its own statutory requirements for legal mortgages. Typically, the party offering real estate is known as the "mortgagor." The party offering money is known as the "mortgagee." In most states, the transfer of interest to the mortgagee gives the mortgagee the right to take the property only if the mortgagor fails to pay as promised. However, a few states' laws hold that a mortgage is an actual transfer of title, and the mortgagee is the legal owner of the property until the mortgagor pays off his debt.Equitable MortgagesEquitable mortgages are relationships that don't meet a jurisdiction's legal mortgage requirements. When an arrangement looks like a mortgage and smells like a mortgage, some jurisdictions' courts, known as courts of equity, will recognize the arrangement as a mortgage even though it isn't a legal mortgage. In such cases, courts will usually look for the basic elements of a mortgage: a debt from one party to another for an amount significantly less than the land is worth and some sort of promise to return the land upon payment. If the court finds these elements, the arrangement will then be treated as a mortgage under law.
Can a family member live in a second home?
Yes, a family member can live in a second home, as long as the owner of the second home allows it and there are no legal restrictions preventing it.
Is it legal to transfer a gun to a family member in Arizona?
Yes, it is legal to transfer a gun to a family member in Arizona as long as the recipient is not prohibited from owning a firearm.
How would you turn over your house to a family member?
To turn over your house to a family member, first, consult with a real estate attorney to understand the legal implications and processes involved. You can transfer ownership through a quitclaim deed or a warranty deed, depending on your preference and situation. Ensure that any mortgage obligations are addressed and that the transfer complies with local laws. Lastly, consider discussing this decision with other family members to maintain transparency and harmony.
What is the best way to transfer a gift asset to a family member?
The best way to transfer a gift asset to a family member is typically through a legal process such as a gift deed or a trust. These methods ensure that the transfer is properly documented and legally binding, protecting both the giver and the recipient. It is important to consult with a legal professional to determine the most appropriate method for your specific situation.
How do you change the title of your home to a family member?
Title to real property is transferred by a deed. The owner must execute a deed that names the family member as the grantee. The grantee is the new owner. If there is a mortgage on the property a transfer may trigger a "due on transfer" clause and the lender can demand full payment of the mortgage. There are many legal consequences that result from transferring title to real property to a family member. The property will become vulnerable to their creditors. The family dynamics may change. The grantor may want to reserve a life estate. You need to consult with an attorney who specializes in real estate law and also has expertise in estate planning who can review your situation, your needs, your reasons for proposing the transfer and the legal consequences. Once you have been fully informed of your options and the consequences you can make an informed decision and the attorney can draft the proper documents.
Can you quit claim a house to a family member to get financing?
Yes. Just remember that the person to whom you transfer the property will be the new legal owner and will be completely responsible for paying the mortgage. It is an extremely risky move for both of you. The new owner may not ever give it back to you. You may stop paying the mortgage and the new owner will have to pay. It is a sure recipe for trouble in most cases.
Is it legal to transfer a new mortgage into someone else's name?
There is a lot of legal mumbo-jumbo surrounding mortgages - but if the intent was to conceal the actual applicant's identity or to commit fraud, the answer is, no. You can't transfer a mortgage tpso someone else without the mortgagor's approval anyway.
What is a property conveyance?
In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.
Does a quick claim deed take your name off the mortgage?
No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.No. If you signed a mortgage while you owned the property then you are responsible for that mortgage until it is paid off. If you agree to transfer your interest to a co-owner you should make an agreement that the mortgage must be refinanced in the new owner's name alone. You should consult with an attorney to protect your legal interests.
Can a notary public sign an instrment to a family member and be legal?
no
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Can one give their share of their inheritance to another family member?
Yes, an individual can choose to gift their share of inheritance to another family member through a legal process such as a gift or a deed of transfer. Depending on the inheritance laws in the specific jurisdiction, there may be tax implications or legal procedures to follow when transferring ownership of inherited assets. It is advisable to seek guidance from a legal professional to ensure the process is carried out correctly.
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
