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Me and my wife and my father bought a farm that me and my wife built a house on. My father is getting in finacial problems wants to sign his half over to us and we take care of the mortgage Can that be done or what can be done or how can that be done

Submitted: 258 days and 3 hours ago.
Category: Estate Law
Value: $15
Status: AWAITING CUSTOMER ACTION
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Optional Information

Fair Grove, Missouri

Already Tried:
Nothing Yesterday he said he would sell his part for 50.00 dollars

Answer

There are several ways to do it.

He can deed you his interest with either a regular grant deed or a quitclaim deed.

Or if he is living there and wants to remain he can deed you his interest and reserve a life estate.

A transfer between immediate family should not invoke the due on sale clause in the existing mortgage, see http://www.legalwiz.com/due-on-sale-clause

http://lawyers.findlaw.com/lawyer/firm/Real-Estate-Law/Springfield/Missouri#stq%3D0%26CITY%3D%26CONSULTATION%3Dtrue%26SPONSORED%3Dtrue lists 3 real estate lawyers in your area who all offer a free consultation.

I hope this information is helpful.

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Expert: N Cal Attorney
Pos. Feedback: 98.6 %
Accepts: 274
Answered: 2/23/2009

Attorney

Since 1983

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