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Inherited property with other siblings. I want to get

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mortgage in my name to...
Inherited property with other siblings. I want to get mortgage in my name to make repairs on property after renting. What steps should I take?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 1 minute by:
1/25/2016
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,093
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Are your siblings willing to sell their interests to you?

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Or are they willing to agree to pledge the property as collateral for any mortgage loan?

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thanks

Barrister

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Customer reply replied 2 years ago
They will sign over property to me without buyout. I want to put home in my name to get home equity loan for repairs and upgrade of property.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Ok, then if the property has already been transferred out of the estate to you and siblings, then they would all need to sign a quitclaim deed from them as the grantors over to you as the grantee transferring their ownership interest to you.

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Once that quitclaim deed was recorded, (they can all be on one deed), you would then be the legal owner of the entire property and can go to your local lender and begin the process of applying for an equity or home improvement loan on the property so you can make repairs.

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.

thanks

Barrister

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Customer reply replied 2 years ago
How do we transfer property. There was no will.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Ok, then if the estate hasn't been settled yet, then you have to take a few steps back...

.'

Someone will have to file a probate case to settle the deceased's estate and be appointed Administrator by a local probate court judge. That person will then have the power to gather all assets, pay any debts and taxes for the deceased and the estate, and then distribute the remaining assets to the heirs at law.

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Real estate is transferred from an estate to the heirs by the Administrator having an estate deed prepared by a local attorney.

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Then once the real estate is on the heirs' names, they would execute a quitclaim deed over to you..

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So the property will have to go through probate first before it can eventually be transferred to you.

.

.

thanks

Barrister

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Customer reply replied 2 years ago
I live in new Mexico. The property is in Indiana. Do I need an attorney in Indiana.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Yes, each state has exclusive jurisdiction over any real estate within its boundaries. So a NM attorney can't practice in IN and a probate case will have to be filed in IN since that is where the land is located.

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thanks

Barrister

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Customer reply replied 2 years ago
thank you
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

You are very welcome. Glad to help any time..

.

If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided so I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me.

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.

thanks much

Barrister

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Customer reply replied 2 years ago
Will do
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Thanks much.

.

.

Barrister

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