Legal Question in Real Estate Law in Indiana

quick deed information

my 79 year old mother has a piece of real estate in which she dwells. she has a mortgage on the property through her bank. i live with her as she is unable to care for herself. she is interested in quick deeding the property to me. my question is what steps must she take? what happens to the mortgage? is she still responsible for the mortgage payment? what happens when she passes away? would anyone have a claim to the property other than myself? what is the typical fee for such a procedure?

Asked on 7/04/04, 7:03 pm

1 Answer from Attorneys

Mary Ann Wunder Wunder & Wunder

Re: quick deed information

The type of deed you are referring to is a "Quit Claim" deed and transfers to the grantee only such title as the current owner has and does not guarantee title in any way. It is a typical mechanism to deed property from one family member to another, and it can be done subject to the existing mortgage. However, the mortgage company will continue to look to the person who signed on the mortgage as being liable for the payment, and may not be willing to allow someone else (the grantee or you in this case) to assume the mortgage upon her death. Recording cost for a quit claim deed is less than $20. Reasonable attorney fees for preparation of the deed should run between $50 and $100. Of course, any particular attorney you select (and I recommend you call your local bar association for a referral to an elder law attorney) may charge more based on the amount of discussion and/or estate planning that takes place at the time the deed is done.

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Answered on 7/06/04, 11:37 am

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