I purchased a condo with my sister. I want to give her full ownership of the real estate property. Meaning if she was to sell /refinance the propert then she will be able to do so legaly without my presence or signature. Basically giving her all rites to act on my behave of the real estate and waiving all my rites. I know there is a specific legal document i need to file.. Whats the document???????? All or any suggestions would be helpfull.. Thanks :)
2007-08-15 04:59:21 · 6 answers · asked by STYLe 1 in Business & Finance ➔ Renting & Real Estate
If it's under mortgage you may be out of luck. You will continue to be financially responsible for 1/2 if both names are on the mortgage. The only way to do this is to have her refinance entirely in her name, and you "donate" your equity in the property to her. This gets you off the hook with the mortgage company. In order to pass title, a deed with a proper description of the land must be executed and delivered. Some states require that the deed be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers. If it's paid off, you can just deed the property over to her via an attorney/notary and file at the court house.
You can also just give her your power of attorney over the property. Which would give her the right to sign for you if she needs to sell or refinance and you are not there.
2007-08-15 05:17:17 · answer #1 · answered by tushanna_m 4 · 0⤊ 0⤋
Quit Claim Deed, filed at the court house. It must be witnessed. No closing costs involved. A filing fee may be charged.
However, if you are on the mortgage note, that does not remove you. You will still be responsible for the debt if she defaults.
You can also give her Power of Attorney, either at death, incapacitation, OR AT ONCE. If this is given to her, she can act without you. In all your affairs.
2007-08-15 05:11:14 · answer #2 · answered by ed 7 · 0⤊ 0⤋
You need to deed the property to her.. This may involve "selling your interst" even if no money is exchanged, you may have a mortgage that she needs to absorb... She must qualify to do so. That may involve a new closing/fees...but probably not depending upon where you are. If you own the property outright...the deed will do. Get an attorney to help you both through this...should be very simple.
2007-08-15 05:06:05 · answer #3 · answered by NY PTK 4 · 0⤊ 0⤋
A mortgage is a contract between borrower and lenders, In which lender offers a loans amount at a rate of interest for the property of the borrower or loans provided for a property. These type of loans are used by real estate investor to invest in real estate market. Therefore, the rate of interest is higher than the market, as it can be availed easy with the simple process.
2016-04-01 13:15:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋
My best guess, a deed. If necessary however, a written and signed contract would make the intention clear.
2007-08-15 05:03:24 · answer #5 · answered by Sarbinargh 4 · 0⤊ 0⤋
a quit claim deed can be found online
2007-08-15 05:09:14 · answer #6 · answered by beachlover 2 · 0⤊ 0⤋