Real Estate Law
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Thank you. So, we would be allowed to create/sign a new deed that conveyed the property to my sister and I only? If the property is in a living trust does that complicate the legality?
Thank you! The current state of the property is we are refinancing into a 30yr fixed at which point we plan to hold title in JTWROC (my grandmother and myself and we will both be on the loan/mortgage). The house is currently in a living trust and the broker said it must stay in the trust during the process(versus pulling it out of the trust) based on rules/policies. After the loan is closed and processed my grandmother would like to ensure that the home goes to my sister as well. Her thought was to quit claim to her and that way both her grandchildren would receive the home. Is there a better process for the desired end result to occur? PS- I needed to go on the loan based on my grandmother's income.. both of our incomes were needed. But, if there is a better legal process to hold the title especially since we have a living trust that would be great as well. I really appreciate the help and information!
The entire home is in the living trust. All three of us live here, have lived here and plan on living here indefinitely.
Thank you for your help. One last question that I am confused about- in the above described situation how is the title held during escrow in the refinance?
I don't practice in CA., so I don't have direct knowledge of how re-fi works there. I doubt that there has to be any title transfer into escrow as long as your re-fi lender is willing to make the loan to the trust. I also suggest that you have an attorney review the trust itself so you can be sure that it is set up to do what you want done under varying circumstances. Good Luck in the future. If you need me again, you can start a new question with "for Irwin Law".
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