transfer my name to property
four years ago my step-father and i bought a house together. For reasons of financing my step-dads name is the only one on the deed. He now has cancer and we want to put the property in my name. there id still a mortgage on the property@
thank you
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Read More Answered By: Hillary Snyder |
Re: transfer my name to property Since the property is only in your step-dad's name, you definitely need to do something to protect your interest. If the property is in his sole name, it will become part of his estate when he passes. If he has a will, it will go to the people named in his will. If he does not have a will it will pass to his spouse and/or his children.
The property will also be subject to and claims of debt he owes at the time of his death.
If you transfer the property into your name it eliminates that problem, however, mortgages almost always have an acceleration clause that allows the full mortgage to become due if the property is sold or transferred. Although I have never seen that happen as long as the payments are continued to be made, it is a possibility.
I would be more than happy to speak with you further about ways to protect your interest and the pros and cons of each. I give free consultations so there is no charge to you unless you hire me to prepare a new deed or other document. At which time I will quote you a flat fee and you can decide to retain my services or not.
I look forward to speaking with you further.
Hillary N. Snyder Allegheny Attorneys At Law 1384 Old Freeport Road Suite 3B Pittsburgh, PA 15238 412.963.8495 hillary@alleghenyattorneys.com |
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