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WHAT IS THE LEGAL PROCEDURE TO TRANSFER PROPERTY

WHAT IS THE LEGAL PROCEDURE TO TRANSFER MY FRIEND'S CONDO INTO MY NAME. HE NO LONGER CAN AFFORD IT AND IS THREE MONTHS IN ARREARAGES. WE NEED TO KNOW WHAT THE PROPER PROCEDURE TO PROTECT EVERYONE. DO I HAVE TO GET APPROVE BY THE MORTGAGE COMPANY TO ASSUME THE PROPERTY? IF ITS ASSUMABLE AND DOES A WARRANTY DEED IS ONLY FROM MORTGAGE (GRANTOR) AND PURCHASER ( GRANTEE)OR CAN IT BE USED IN TRANSFERING PROPERTY?

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi TRINISHAALLEN!

Welcome to forums!

You can even use a quitclaim deed to transfer the property in your name. Here you will be the grantee and your friend will be the grantor. However if there is a money exchange between you two while transferring the property, then you can use a warranty deed. Once the property is transferred in your name, you will need to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage. Yes, in this case, you will be required to get approved by the lender.

Feel free to ask if you have further queries.

Sussane

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi TRINISHAALLEN,

You can use a warranty deed to get your friend's condo transferred in your name. It looks like you wish to take responsibility of the mortgage payments as well. Probably in this situation, the lender may ask you to refinance the loan in your name. This is because assumption is involved when an individual buys a mortgaged property from another.

In your situation, you're simply transferring the property. So, I do think it'll be a refinance that the lender would ask you to do. Are you comfortable with doing a refinance?

Regards,

Jessica

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes , but will this be like a new purchase, as far as getting approved for a new loan? How strict will the mortgage company be as supose to a refinance to a new purchase?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

When you are refinancing, the lender will follow the same steps like a new purchase. One will have to get pre-qualified for the refinance and the lender will do a credit check as well. If your spouse will be refinancing the loan, then his/her credit check will be done and he/she needs to get pre-qualified for the loan. To know more about refinancing, go through the information available here.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my father passed away without leaving a will. what is d procedure for transfering d property in my mothers and my name?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi seema,

Did your father leave back a will? If yes, then you will have to probate the will. Once the probate is complete, you'll have to record the will at the county recorder's office and the property would be transferred accordingly.

If there is no will, then your mother and you will have to file an affidavit of heirship at the county recorder's office and get the property transferred in your name.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

WHAT IS THE PROCEDURE FOR TRANSFER OF PROPERTY TO MY ANTY NAME TO MY UNCLE NAME? MY ANTY IS DAD.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi SHANTILAL!

Welcome to forums!

Your uncle should file an affidavit of heirship at the county recorder's office and get the property transferred in his name.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my father in-law died in a house fire the only thing left is land how do i transfer my name on to deed and take his off please help[b][/b]

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome cosmo,

If your father-in-law has not left back a will, then you should contact the county recorder's office and file an affidavit of heirship in order to get the land transferred in your name.

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