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payoff and signing home over to a child

Posted on: 22nd Feb, 2014 09:45 am
I would like to know if my mother pays off her home (she is and elderly lady), come she sign it over to me (she has 8 other children). What rights do I have and is this possible for her to do once the house is paid?
What rights?? I am not sure you have any rights - your mom is the decision maker on this she can leave the home to you or anyone for that matter. To pay it off and sign it over to you could come with some tax consequences so check with a tax person locally before doing anything. It may be as simple as a quit claim deed but your state probably has a way to transfer within family so that the tax problems are less or not at all. Each state is different so you need to find out what your local laws are.

Brian Barnes
ENG Lending
Nationwide Lender
Posted on: 24th Feb, 2014 09:14 am
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