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If I purchased a property (with mortgage) for a loved one…

If I purchased a...

If I purchased a property (with mortgage) for a loved one who is financially unable to get a loan, what is the best way to transfer the deed to them?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

This is in PA

Lawyer's Assistant: Has anything been filed or reported?

Nothing yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No thats all

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Answered in 5 minutes by:
3/7/2018
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,040
Experience: Attorney with 29 years of experience.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good afternoon. Can you elaborate on the relationship to you of the "loved one" you reference? Thank you!

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Customer reply replied 4 months ago
Hi Richard, thank you for taking the time to help. The loved one is a close personal friend of 20 years. Non blood relation nor marital.

Thank you. The deed part is easy. You would do this by signing a Quit Claim Deed transferring title to the loved one. You would sign this Deed, have it witnessed and notarized, and then record it in the real property records of the city/county where the property is located. The problem is the mortgage. Your mortgage documents are going to have a provision that states that any transfer of ownership without the consent of the lender is a default under the mortgage. It's possible that if the payments continued to get made timely that the lender won't accelerate the loan, but that's up to the lender if you don't get their consent. There is a Federal law that prohibits the lender from accelerating in the event of a transfer, but that does not apply to non-relations.

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Customer reply replied 4 months ago
Thank you. So, it could be just as easy as contacting my lender and asking permission? I will still be paying the loan on time and regularly.

You're very welcome. Yes, could be...especially if you continue to be responsible for the loan. :)

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,040
Experience: Attorney with 29 years of experience.
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Customer reply replied 4 months ago
This has been helpful, Thank you!

Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time!

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