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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.
What else can I help you with?
Can a 15 year old leave home and move in with another family member legally?
In most places, a 15-year-old cannot legally leave their home and move in with another family member without permission from their parents or legal guardians. The legal age at which a person can leave home varies by location, but it is typically 18 years old.
In Calif can you leave a mobile home to a family member in a revocable will which will be notarized?
Yes, in California, you can include a mobile home in your revocable will and leave it to a family member. However, the will must be properly executed and witnessed according to California state law in order to be legally valid. It is recommended to consult with an attorney to ensure your will meets all legal requirements.
How do you run away from home at age 12?
Simpley speaking - you dont and shouldnt. There are peole outside the care of your home who will take advantage of a very young adult . If you are having issue at home consider speaking in confidence to a parent, teacher or another adult family member. To run away will not solve anything but it will cause more problems.
What does orbituary mean?
An obituary is a notice of someone's death, typically including a brief biography and information about funeral services. It is often written by a family member, friend, or the funeral home and is published in a newspaper or online.
When did they leave their home country?
The family left their home country two years ago to seek better opportunities in a new place.
Can a family member take a loan against a home that has not been to probate yet?
The lender is free to consider whatever prospective assets it wants to when making a loan. The family member wouldn't be able to mortgage the property until they had title to it.
What do you have to do to transfer the title of a mobile home in Illinois if you are just giving the mobile home to a family member?
That is fairly simple, complete a Bill of Sale stating that the purchase was 0.00, then transfer title with the forms found at the link below;http://www.chattelmortgage.net/Illinois_mobile_home_Forms.html
A 94 year old person on medicaid is living with a family member the home is deeded to her deceased husband what is the best way for the family member to acquire the home?
The following assumes that the Medicaid recipient's name is also on the deed/title to the home. If so, please be advised that she will be penalized if she does not receive "fair market value" when the home is sold/transferred, regardless of who the new owner is.
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.
How is the title Soldiers Home ironic for Krebs?
The title is ironic beause krebs no longer fits in with his family and town now that he is back home.
What things can you do at home for a goodbye party for a family member?
What really matters is what your family member likes to do. For example, if I was your family member I would like to go to the beach! Ask Him or she what they like to do mostly and what they like for a feast!
Does FHA consider a condo a single family home?
No, FHA considers a condominium a condominium, and a single family home a single family home. The styles of legal ownership and title are different.
How change a RuneScape name?
Are you a member in runescape?If not, be a member then you can change your name...How to change your name if you are a member:Go to the Runescape Home page(make sure you are a member if you are going to do this)Click CommunityClick Change Username or something like thatThen change it
What happens when cps takes you away?
they bring you to either a group home or to another family member. Once you get taken away from a family member by CPS, then you cant go back even if you got taken away by another family member.
When inmates are released how do they get home?
they are released and they can either take a bus or a taxi or they can call a family member to take them home.
How do you write a letter showing proof of residence for a family member?
In the letter, you can state that the family member resides at your home. If you have a bill or other mail addressed with their name on it, you can include it in the letter.
DO you need a clear title before transfering the Deeds to a home?
The answer depends on the details. If the grantee, the person receiving title, must get approved for a mortgage then the lender will require a title examination and a clear title. If the transfer is going to a friend or family member with no consideration or is a cash deal, then the grantee may or may not arrange for a title examination. However, anyone taking title to real estate should have the title examined by a professional. They could be taking title to property with existing problems that will become their responsibility otherwise.
