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LawGirl, Lawyer
Category: Real Estate Law
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I have a small apartment building in Niagara Falls NY . Property

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I have a small apartment building in Niagara Falls NY . Property is in my and my wife's names. We have a mortgage on it. What would be needed to change the title on the building to that of my daughter ? The loan would still be in my and my wife's names.
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  LawGirl replied 6 years ago.

LawGirl :

Thank you for your question. Please keep in mind that mortgages have an acceleration clause if the borrower attempts to change title. Lenders frown upon and penalize borrowers from trying to mess with the title before they completely own a property, so it is advisable to ensure that your contract allows for this as the first step. The second step would be executing a quit claim deed transferring title to your daughter and recording said deed with the county.

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