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How to handle transfer of parent's property to intended heir

Posted on: 27th Nov, 2006 06:50 pm
What is the best way to handle a parent\'s property/assets in order to remove all assests from their name if they still have a lien on the propery?
hi kpr,

the best way to transfer the property from your parents to your name is through quit claim deed. since the property is on the lien so that your parents needs to be inform the lender. that doesn’t arise any problem in future.

before any transfer of lien property, lender should be informed. it may happen before transferring the property; the lender would check your credit score and other relevant documents. if you qualify then only loans need to be refinance in your name.

but i suggest you before doing that first ask yourself whether you are well prepared to get the loan in your name. if you feel well confidence with that then only go ahead.

thanks
Posted on: 27th Nov, 2006 07:57 pm
Hi

I think you looking for transferring of parent's property to intended heir. In that case, you need to use beneficiary deed to transfer ownership rights to the beneficiary. This deed allows you to designate a beneficiary for your asset and transfer your property directly to the beneficiary upon death.

After signing the property, your parents still be legally allowed to stay in the property and can refinance it if they want. Your parents can do anything with the property until the time of your death without even asking the beneficiary.

As the legal aspects of beneficiary deed varies from state to state. So I suggest you to contact an attorney and consult with him regarding the execution process in your state.

Thanks
Posted on: 27th Nov, 2006 08:22 pm
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