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marisajmcbride · Joined: 18 May 2011 Posts: 2 1.58 Dollars($)

Currently I am renting a home from my Father, who shares interest in the home with his sister (my Aunt). They inherited it 3 years ago. My Father and his Sister are estranged and he now wants out of any involvement of the property. We would like to buy this property from my Dad, but can not afford the full market value. Is there a way for him to transfer over his 50% interest in the property and be off the title and be out of any financial responsibility of the property? Does he have to get the blessing from his sister to do this? If so, could I borrow against the property value to buy my Aunt out? This home is in California and is paid for and all money involving the property is in a trust.
Thanks for your help!

Posted: Wed May 18, 2011 4:04 pm Post subject:

Your father can deed his interest in the property to you. Since there is no loan, then you do not need to refinance out of it. Contact a local title company in your area, or I could refer one to you. The title company will give you the proper type of deed and get it recorded as well. I am also in CA, if you needed a title contact.

chrisgummerson · Posted: Wed May 18, 2011 4:05 pm Post subject:

my contact

smithsussane · Posted: Wed May 18, 2011 9:00 pm Post subject:

Hi marisajmcbride!

Welcome to forums!

Your father can transfer his share of the property to you and your siblings. He can contact a real estate attorney and he will draft the deed and guide him in transferring the property. However, if the mortgage is in your father's name, then he won't be released from the financial liability of paying off the debt unless you refinance the mortgage in your names.

Feel free to ask if you've further queries.

Sussane

marisajmcbride · Joined: 18 May 2011 Posts: 2 1.58 Dollars($)

Thanks for your responses. So the tricky part is that my aunt still owns half of it. There is no mortgage on the property. Can he deed over his 50% interest in the property, and can I still get a loan against the home for my half of the value in order to pay off my aunt?

jameshogg · Posted: Mon May 23, 2011 10:07 pm Post subject:

Hi marisajmcbride,

You cannot get a separate loan for your share of the property. You will get a loan for the property as a whole. The lender will take the whole property into consideration and place a lien on the property as a whole.

Thanks

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