How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Attyadvisor Your Own Question

Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 3880
Experience:  25 years of experience in general practice, real estate law and estate law.
68197583
Type Your Real Estate Law Question Here...
Attyadvisor is online now
A new question is answered every 9 seconds

Hi, I would like to know if a kid and her parent buy an investment

Resolved Question:

Hi, I would like to know if a kid and her parent buy an investment home, by contributing half and half. down the road if the kid wants to buy back the half from his parent,so he becomes a sole owner. waht are the steps to get this done. one would be change the title. what are the other legal steps to be followed to complete the process., thanks
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 1 year ago.
Welcome and thank you for your question. I will be the professional that will be assisting you.

Changing the title can be easily accomplished through a quit claim deed.

What state is the property located in? Would there be a mortgage on the property?
Customer: replied 1 year ago.


MD. yes, there is mortgage and the 20% payment will be paid 50-50 by them.

Expert:  Attyadvisor replied 1 year ago.

Great, then using a quit claim deed will work.
There is not much to the process. You will use a quit claim deed form.
The person deeded their interest to the other will sign and have the deed notarized. The deed will then be taken to the county recorder's office where the property is situated for recording and once recorded the title will transfer.

Here is a link for some sample quit claim deeds.

http://www.deeds.com/forms/maryland/quit-claim-deed/



This provides all of the steps necessary to transfer title using this type of deed

http://www.quitclaimdeed.com/maryland/

Please do not hesitate to ask me any additional questions that you may have with regard to this matter.

Customer: replied 1 year ago.


what about the financial transactions, for example the kid wants to give back the money the parent put in the house, for example the equity and down which is the parent's share that was accumulated in course of time. how can this be done, thanks

Expert:  Attyadvisor replied 1 year ago.





what about the financial transactions, for example the kid wants to give back the money the parent put in the house, for example the equity and down which is the parent's share that was accumulated in course of time. how can this be done, thanks

This would not be included in the deed. You work out that out by separate agreement.
If the child will be reimbursing the parent for the share the parent paid this can be accomplished through a promissory note or a contract to purchase the property.

Did the parent want to sell the property to the child at some point or just accept payment of a certain amount in exchange for transferring title?

Customer: replied 1 year ago.

the kid may not sell legally but if the parent wants his share of the funds he put in the house back? So did you say just a promissary note that tells the reason for the financial transaction is adequate?.

Expert:  Attyadvisor replied 1 year ago.

You can set the terms in a joint ownership/co-ownership agreement stating the requirements to transfer the property. This too should be a relatively simple process.


Here are sample agreements and information.

http://premium.docstoc.com/docs/114731679/Real-Property-Co-Ownership-Agreement

http://www.bolinaslandtrust.org/uploads/Sample_Shared_Equity_Agreement.pdf

http://www.howtolaw.co.nz/enter-into-a-property-agreement-xidp392069.html

 

http://www.ehow.com/info_8009579_joint-ownership-property-agreements.html



When you have the terms of you would like to draft it would be my pleasure to assist you. In the meantime take a look at some of the samples to see if there is a format that you prefer.

Customer: replied 1 year ago.


Does this agreement need to be done with house is being purchased, or can it be done when title is being transferred.


 


Also if the parent decide to gift away all the equity of thier share to the kid, does this need to be documented as well. Or just transferring the title to kid will automatically mean that the equity is being gifted?

Expert:  Attyadvisor replied 1 year ago.

Does this agreement need to be done with house is being purchased, or can it be done when title is being transferred.
The agreement may be entered into at any time or not at all.


Also if the parent decide to gift away all the equity of thier share to the kid, does this need to be documented as well. Or just transferring the title to kid will automatically mean that the equity is being gifted? Yes transferring the title will work.

 


Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 3880
Experience: 25 years of experience in general practice, real estate law and estate law.
Attyadvisor and 9 other Real Estate Law Specialists are ready to help you
Expert:  Attyadvisor replied 1 year ago.
Thank you.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.
 
 
 

Related Real Estate Law Questions

Chat Now With A Real Estate Lawyer
Attyadvisor
Attyadvisor
2976 Satisfied Customers
25 years of experience in general practice, real estate law and estate law.