Property Transfer Rules

There are laws that govern the transfer of property or transfer of ownership. Most people are unaware what the rules or laws are. Uncertainties of property transfer rules often lead to questions like the ones answered below.

My mother’s Minnesota home is currently involved in a reverse mortgage. What steps could my mother do for transfer of ownership of her home to her three children?

In order for your mother to transfer ownership of her home, protect the property for everyone and pay the least, if any, would be to transfer the home into an irrevocable trust with all the children listed as secondary beneficiaries. The transfer of property into the trust protects the home from creditors of any of the adult children and from their spouses. The reverse mortgage would need to be converted into a regular mortgage first or it could be paid off before she would be able to transfer ownership of her home.

My girlfriend transferred property from my name to her and my name. Is that legal? What are my rights in this property transfer?

If it was done by you involuntarily, then the property transfer is a fraudulent and illegal transfer. For a transfer of property to be valid it has to be done by you voluntarily. You would have to sue to have a court declare by order that the transfer never took place. You can also file a police report.

Can a property deed transfer be revoked if the guarantees refuse to pay property taxes or they no longer want their part of the house?

Revoking a property transfer would require an order from a court. This would be a long process that involves filing a petition, having a hearing, etc. The least expensive and quickest way to reverse the property transfer would be to have the owners that do not want their share of the property, to quitclaim their interest to the other owner.

My mother passed with no will and Missouri court gave ownership to all three dependents. We want to transfer the ownership to an uncle in Michigan. How can we complete a property transfer after death?

Given that the title has already transferred to you and your siblings, you would each simply transfer your interest to the uncle by signing a Quit Claim Deed, having that signature witnessed and notarized and then having it recorded in the real property records in the city/county where the property is located. If however, the title is still in your mother’s name, you would each need to sign a disclaimer of inheritance. Your uncle will get the property subject to the property tax liens and will need to pay any taxes that may be owed.

How can the owner of a property who has an outstanding loan on the property do a transfer of the property title?

A person can transfer title to property with a lien against it. The person responsible for the outstanding loan is still the person who signed the loan documents. The new owner does not owe anything on the mortgage but the lender could foreclose if the mortgage is not paid.

Having the right information and understanding of property transfer rules can help when dealing with questions regarding the transfer of property. Experts can help answer questions about property transfer after death or steps to transfer ownership.