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LawGirl
LawGirl, Lawyer
Category: Real Estate Law
Satisfied Customers: 4606
Experience:  I am familiar with this area of law.
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can I transfer ownership of my Virgina condo to my son by selling

This answer was rated:

can I transfer ownership of my Virgina condo to my son by selling it to him for the price of my mortgage balance? I can no longer afford the expenses as I am handicapped .... my son
would like to take over ownership and rent to me at a lower rate.
Please contact me with your rates and office location.
XXXXX XXXXX

LawGirl :

Thank you for your question. Although I am an attorney, I cannot represent you. However, I will give you the most thorough information I am able. Yes, as long as your sale price satisfies any liens on the property, you can sell for what is owing. There is no law that you must sell for a price at which you (as the owner) would make a profit.

LawGirl :

Ms. Smith please not that since we are not available for retention or representation, we are unable to give you out office locations. We can merely remain available through this website to answer additional questions you may have.

Customer:

how do we do that?

Customer:

must we go through my bank or can a title company do this

Customer:

can he pay me directly so i can pay off mortgage and then transfer title?

Customer:

great

LawGirl :

The same procedures must be followed to comply with the laws in your state. At some point the sale will need to be recorded. So some sort of transfer deed will need to be executed and recorded with the county. If you plan to handle the sale yourself without the assistance of an agent, you will want to contact the lender and explain that you have found a buyer. They will have forms that will need to executed properly. They will also be able to explain what needs to happen for the sale to satisfy their requirements.

Customer:

I guess that answers my question. How do I reach you again?

LawGirl :

You can type "for LAWGIRL" in the subject matter of your question.

LawGirl :

Please remember to hit "ACCEPT" if you found this helpful.

Customer:

thanks.... of course i will accept

Customer:

after I print this out

LawGirl :

Awesome. Thank you.

LawGirl and 4 other Real Estate Law Specialists are ready to help you