I am in the process of having this elderly ladies property deeded to me to keep her family from putting her in a nursing home and selling it. Problem is her son who had previous power of attorney caused the house to have 2 liens against it in her name. The total of both are about -$16,000. Can we transfer with the liens on it????
2007-02-25 10:08:22 · 8 answers · asked by happy2binsc 1 in Business & Finance ➔ Renting & Real Estate
Yes you may transfer the property to your name with a quitclaim deed. You need to go to a notary public, sign the quitclaim deed. After signing the deed you must then take it to the county recorder's office at the court house to get it recorded. That is legal and the least expensive way to do it.
The best way to accomplish this is calling a title company setting up an appointment, going to their office and signing the deed in front of their notary. After you sign the deed they will insure that the deed is recorded at the county recorder's office. This might cost a bit more but t will solve any potential legal problems that might arise.
You do realize that you might become responsible for the two leins. You might check with an attorney for information concerning this. The title company might be of some use with this question
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-25 18:12:35 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
The simple answer to the specific question if you can. The title would transfer subject to the liens. The new owner would likely have to pay off the liens before they could refinance or sell with clear title.
The other issues and logic make this a very messy situation. You could end up the target of a lawsuit. Best that you pay a lawyer to look things over. If you do not want to do that then I would consider walking away from the whole thing. This can get very messy and some states have laws to protected against transfers from older people if there is reason to think that the transfer was not above board.
2007-02-26 06:19:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It appears as if your trying to do your friend (this elderly woman) a favor. As such, the best thing you can do is to assist your friend in obtaining her own independent legal counsel. If she can not afford legal representation, do some walking through the yellow pages or contact a reputable senior advocacy group for assistance in identifying free or sliding scale legal assistance in your area.
She would be a fool to deed her property over to anyone or randomly assign power of attorney.
It's a nice thing to do to open yourself up to this 16,000 liability however it doesn't make any sense to gamble that you'll be able to have these liens removed and/or not incur additional legal expenses of your own. While you did not mention what type of liens these are, If the liens are credible, the creditors will be only more than happy to come after you for the debt.
While you may be succesful in obtaining the deed, this alone may or may not solve her problems in staying out of a nursing home. Or worse yet, have the family come after you.
She needs legal counsel.
2007-02-25 23:09:34 · answer #3 · answered by loan doc 1 · 0⤊ 0⤋
Have a lawyer look up the source of liens,an old abstract might not show that those liens have been satisfied..But in the case there still outstanding,and your willing to take ownership then you've just took over $16000 in debt...Matter a fact take out a mortgage on that,since the home is not oweing anything else and use the tax advantage..How much is this home worth?...What is in this for you..As owner its all yours ...
2007-02-25 21:17:39 · answer #4 · answered by overhereyoupretty 3 · 0⤊ 0⤋
I don't believe that it can change hands until you have satisfied the lien...I think that is the purpose of the liens. You could contact the lien holder and get them to have compassion and remove it, or hire a lawyer, and have him fight the lien and get it removed. I have seen that done (against the will of the person holding the lien).
Good luck!!
2007-02-25 18:13:18 · answer #5 · answered by sacanda_trina 4 · 0⤊ 0⤋
I think you should be able to. I would contact an attorney. You would become liable for the $16K and I would think that the creditors could sue you for relief at that point. But if you don't mind taking on the liability why should anyone else?
2007-02-25 18:14:48 · answer #6 · answered by Scott K 7 · 0⤊ 0⤋
Sure. check the records for the power of attorney having been terminated
2007-02-25 18:12:00 · answer #7 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
no, you have to pay the liens first.
2007-02-25 18:11:43 · answer #8 · answered by Mary S 6 · 1⤊ 1⤋