JustAnswer > Estate Law
Ask A Question|Register|Login|Help
JustAnswer

Estate Law

Ask an Estate Law Question, Get an Answer ASAP!

Have your own Estate Law question?

14 Estate Lawyers are Online Now
characters left:
Not an Estate Law Question?
Bookmark and Share

Question

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: 273 days and 17 hours ago.
Category: Estate Law
Value: $15
Status: AWAITING CUSTOMER ACTION
+
Read More

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.

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

Attorney

Since 1983

+
Read More

Related Estate Law Questions

  • I am 1 of 3 brothers. Our grandmother recently passed away
  • I am also a personal representative for an estate in Arizona...
  • example of a letter of acceptance for inheritance from an
  • My ex-husband recently died. When married we had a will with
  • What does the trustee do if the sole beneficiary dies before
  • My grandfather passed away without a will and many assets.
  • If a parent took out a mortgage on a house in Florida and th...
  • In December 2008 I was notified via email from an attorney



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.