Missouri  |  Real Estate Law

Legal Question

Asked on: 6/14/13, 11:00 am

If I am paying for 15 acres can I deed over 3 acres to my children before the property is paid off?

1 Answer

Answered on: 6/15/13, 5:07 am by Anthony Smith

You can only pass what you own. Until you're finished paying, you can only pass your equity in the the acres. That is, she gets the property, subject to the lenders lien for the entire debt. If you fail to make your payments when due, her acres would be foeclosed along with yours. If you have paid a significant portion of the debt, you might convince the note holder to release their lien as to those three acres. That way, she could get clear title.

Good luck

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