Legal Question in Wills and Trusts in Georgia
quick claim on property with existing lien
My parents own 14 acres and want to divide it 6 ways. My father pasted away and my mom said who ever wants to built on it can but its a first come first serve on a spot. the problem is my brother is living on a parcel with a lien under my parents name. we want to get a parcel in our name so we may built on it. My parents took out a loan that my brother is paying on for his place. Can we divide this up so he is responsable for his loan and we can get a quick claim under our name to built.
2 Answers from Attorneys
Re: quick claim on property with existing lien
The first order of business is to determine who actually has title to the property. You should consult a local attorney about this. Then, a title search will need to be done in the county in which the property is located. If I can be of assistance, please feel free to give me a call.
Re: quick claim on property with existing lien
The existing loan would probably have to be refinanced to remove the lien. Whether this could successfully be done would depend on the value of your brother's parcel and his crediworthiness.
As an alternative, a lender might release a portion of the entire parcel, if the remainder was worth enough to secure the loan.
All of this is open to negotiation, and depends on the consent of the existing lender or the availablity of a new loan.
Consulting an attorney familiar with real estate and financing would be advisable.
I would also suggest trying to reach agreement with your siblings on a division of the 14 acres, rather than competing for parcels. The services of an attorney (and a surveyor and an appraiser) would also be valuable in this regard.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
