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CalAttorney2
CalAttorney2, Attorney
Category: Legal
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Experience:  Civil litigation attorney for individuals and businesses.
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Im calling on be half of my sister

Customer Question

hello Im calling on be half of my sister
Submitted: 1 year ago.
Category: Legal
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

I am sorry to learn of your sister's matters.

There are 2 issues associated with co-ownership of real property.

  1. Dealing with the title. This is relatively easy to do. A person can transfer their property interest quickly and easily using a "grant deed" or a "quit claim deed" - this is a simple paper that you can use (I will provide a link to the Sacramento Law Library below, which has sample forms for California online, with instructions) that is then filed with the County Recorder's Office.
  2. Dealing with the mortgage. This is trickier to do. If your sister is also a borrower on the mortgage for the property, she is going to need to have the new owners either "assume the loan" or refinance the loan. (DO NOT HAVE HER TRANSFER THE PROPERTY WITHOUT CONSENT FROM THE BANK!!! - if she does this, the bank can still hold her personally liable for the loan, but she will not have any property rights!). This is true even if she is only a co-borrower. Contact the lender directly and ask about reworking the loan so that she is no longer on the loan (most lenders will not do this! but you can ask).

It is far better practice for her to engage a real estate agent and sell the property to the other party, they can then get a mortgage and finance the sale themselves.

If your sister is considering bankruptcy protection, please have her contact a local attorney. While it is possible to file for bankruptcy without a lawyer (see: http://www.uscourts.gov/services-forms/bankruptcy/filing-without-attorney) she will not get the most out of her bankruptcy, and it is very easy to overlook something which can cause her to lose some of the benefits of her filing. (Most bankruptcy attorneys do not charge very much when compared to the value of their services). Contact a bankruptcy attorney as early as possible, as good pre-bankruptcy planning will help you get the most out of your petition.

Sacramento law library links: