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mybabylove1124 · Joined: 20 May 2006 Posts: 1 0.15 Dollars($)

I would like to know how can i transfer the deed of my house to a revocable living trust, and where can i go to do it without paying a lawyer.

Guest

You can simply get it done through a quit claim deed. It can be done your self but, it's better to take the help of an attorney as it involves legal matters.

blue · Posted: Sat May 20, 2006 10:17 am Post subject:

Hi,

It's not at all difficult to transfer your property into a revocable living trust. The only thing that changes here is the formal name on the title.

You need to simply record a quitclaim deed to transfer your interest in the house, from you as an individual to you as a Trustee of the Living Trust.

For the bank accounts, a new signature card must be signed by you as a Trustee at that time. This process is also simple and most bank officers are familiar with the process.

You don't want to get it done under an attorney but, I shall still suggest you to hire an attorney in the process. See, real estate matters are complicated and difficult to handle by persons who are not in that field.

Initially it may look a little expensive but in the long run and considering the value of your property, the cost is not too much.

Lawyers normally charge between $1,500 to $2,000 or some more to draft a Revocable Living Trust. All the related documents will be prepared under that cost. You can contact your local Bar Association and you will be able to get a lawyer under your limit.

Hope that helps you. Refer to our discussion on living trust for more knowledge on this issue.

Blue

Guest

i have a $200,000 mortgage on my 950,000house in RI. can I put it in arevocable trust, of which i will be the trustee, or will the bank fight me on this?

adonis · Posted: Thu Sep 09, 2010 11:43 pm Post subject:

Welcome ml,

You will be able to place the property in a revocable trust. I don't think the lender will create any problem regarding it. However, if you try to refinance the mortgage, then you'll have to remove the property from the revocable trust.

Guest

What happens if the property goes into foreclosure after you place the property in a revocable trust. Does this deed need to be transfered back from the trustee to the name of the person against whom the Mortgage is?

adonis · Posted: Wed Feb 09, 2011 9:25 pm Post subject:

Hi Pegazus,

The property has to be removed from the trust before it is sold off at a foreclosure auction and transferred in the name of the person who owns the mortgage.

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