Family transfer of real estate properties

[Mooki]

Not seeking legal advise here but would like to get some pointers on the general issues I should look into if my mom transfers her house ownership in Atlanta to me. My mom (widowed since 2001) owns a house in Atlanta appraised at $165K with a $100K outstanding loan balance. She moved to a different state last year to live with my sister and the house has been on the market since but no buyers. She wants to gift me the house since she has bad credit and cannot refinance and cannot afford the mortgage. On the other hand I have good credit and I’m hoping to refinance the house and rent it out (cash flow will work as rental after refi to the current low interest rate). My questions are:

1. What are the things I should look into regarding family real estate transfer? Are there different ways of doing it?

2. If we do a “deed-over” to have my name added to the deed, what will happen to the house if my mom become bankrupt in the future? I do not plan on that but I am the kind that worries about “what can go wrong”.

3. I do no own any properties right now but am in the market to buy a house within 6 months. Should I get my own house first before my mom gift the house to me? How will it affect me getting a loan to buy my own house here if I’m on the deed of my mom’s house in Atlanta?

Thanks for your input.

[Coronita]

She doesn’t own the home outright? How does she plan on gifting a home she doesn’t own outright to someone else?
Maybe if the loan is “assumable”, you could assume the loan or something, which most aren’t these days.

Side question: if you don’t plan on living in that home, why would you want to make loan payments on it?

[Coronita]

She doesn’t own the home outright? How does she plan on gifting a home she doesn’t own outright to someone else?
Maybe if the loan is “assumable”, you could assume the loan or something, which most aren’t these days.

Side question: if you don’t plan on living in that home, why would you want to make loan payments on it?

[Coronita]

She doesn’t own the home outright? How does she plan on gifting a home she doesn’t own outright to someone else?
Maybe if the loan is “assumable”, you could assume the loan or something, which most aren’t these days.

Side question: if you don’t plan on living in that home, why would you want to make loan payments on it?

[Coronita]

She doesn’t own the home outright? How does she plan on gifting a home she doesn’t own outright to someone else?
Maybe if the loan is “assumable”, you could assume the loan or something, which most aren’t these days.

Side question: if you don’t plan on living in that home, why would you want to make loan payments on it?

[Coronita]

She doesn’t own the home outright? How does she plan on gifting a home she doesn’t own outright to someone else?
Maybe if the loan is “assumable”, you could assume the loan or something, which most aren’t these days.

Side question: if you don’t plan on living in that home, why would you want to make loan payments on it?

[briansd1]

Don’t know about GA, but in CA, your mom could “quit claim” her house to you, even if she has a mortgage on it. It’s as simple as that.

It’s not hard. Contact a title/escrow company.

The mortgage is separate from the deed (title to the house).

If your mom quit claims her house to you then she transfers her interest in the house to you on that date. If the houses payments are not made, the bank can move to foreclose the house because the bank’s claims to the property is superior to yours (the mortgage note was recorded before the quit claim).

The technicalities are very important in real estate transactions. Generally, whoever records first has senior claims (unless there is a subordination). A reconveyance means that the mortgage is paid off.

[briansd1]

Don’t know about GA, but in CA, your mom could “quit claim” her house to you, even if she has a mortgage on it. It’s as simple as that.

It’s not hard. Contact a title/escrow company.

The mortgage is separate from the deed (title to the house).

If your mom quit claims her house to you then she transfers her interest in the house to you on that date. If the houses payments are not made, the bank can move to foreclose the house because the bank’s claims to the property is superior to yours (the mortgage note was recorded before the quit claim).

The technicalities are very important in real estate transactions. Generally, whoever records first has senior claims (unless there is a subordination). A reconveyance means that the mortgage is paid off.

[briansd1]

Don’t know about GA, but in CA, your mom could “quit claim” her house to you, even if she has a mortgage on it. It’s as simple as that.

It’s not hard. Contact a title/escrow company.

The mortgage is separate from the deed (title to the house).

If your mom quit claims her house to you then she transfers her interest in the house to you on that date. If the houses payments are not made, the bank can move to foreclose the house because the bank’s claims to the property is superior to yours (the mortgage note was recorded before the quit claim).

The technicalities are very important in real estate transactions. Generally, whoever records first has senior claims (unless there is a subordination). A reconveyance means that the mortgage is paid off.

[briansd1]

Don’t know about GA, but in CA, your mom could “quit claim” her house to you, even if she has a mortgage on it. It’s as simple as that.

It’s not hard. Contact a title/escrow company.

The mortgage is separate from the deed (title to the house).

If your mom quit claims her house to you then she transfers her interest in the house to you on that date. If the houses payments are not made, the bank can move to foreclose the house because the bank’s claims to the property is superior to yours (the mortgage note was recorded before the quit claim).

The technicalities are very important in real estate transactions. Generally, whoever records first has senior claims (unless there is a subordination). A reconveyance means that the mortgage is paid off.

[briansd1]

Don’t know about GA, but in CA, your mom could “quit claim” her house to you, even if she has a mortgage on it. It’s as simple as that.

It’s not hard. Contact a title/escrow company.

The mortgage is separate from the deed (title to the house).

If your mom quit claims her house to you then she transfers her interest in the house to you on that date. If the houses payments are not made, the bank can move to foreclose the house because the bank’s claims to the property is superior to yours (the mortgage note was recorded before the quit claim).

The technicalities are very important in real estate transactions. Generally, whoever records first has senior claims (unless there is a subordination). A reconveyance means that the mortgage is paid off.

[joec]

I’ve always wondered, are there gift taxes since the equity is worth over 13k or it’s different for real estate?

[joec]

I’ve always wondered, are there gift taxes since the equity is worth over 13k or it’s different for real estate?

[joec]

I’ve always wondered, are there gift taxes since the equity is worth over 13k or it’s different for real estate?

[joec]

I’ve always wondered, are there gift taxes since the equity is worth over 13k or it’s different for real estate?

[Author]

Posts