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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 54708
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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How can i gave some of my land to my son i still have a no

Customer Question

How can i gave some of my land to my son i still have a note
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
You can simply sign a deed transferring title to whatever interest in the land you choose. The deed will need to be witnessed, notarized, and then recorded in the real property records. The land will transfer subject to the lien securing the note, but your son will have no personal liability for that note. The only risk is a foreclosure of the property should you default on the note. If this is residential real property, Federal law would prevent the lender from accelerating the loan. If not, then you would either want to get the lender's consent or you could do the transfer with the hope the lender wouldn't know or care and if the lender later made a stink about it, you could refinance the loan.
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