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Ask Ely Your Own Question
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102320
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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Im trying to find a way to transfer a property i purchased

Customer Question

Im trying to find a way to transfer a property i purchased on land contract to my son. is that possible?
JA: OK. The Real Estate Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: is there someone there?
JA: Please give me a bit more information, so we can help you best.
Customer: this is a robot isnt it?
JA: Is there anything else the Real Estate Lawyer should be aware of?
Customer: no
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Real Estate Lawyer about your situation and then connect you two.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. Yes, that was a robot. I am not. Please tell me: 1) What state is this in?2) How close are you to paying out the land?3) Would the owner agree to the transfer to your son? This is not an answer, but an information request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 1 year ago.
What state is this in?
2) How close are you to paying out the land?
about 7 years to go
3) Would the owner agree to the transfer to your son?
Im sure there wouldnt be a problem
Expert:  Ely replied 1 year ago.
Great. It makes things a LOT easier since everyone is in agreement. If so, then what the three parties would have to do is to draft an AMENDED agreement where your land contract rights/duties would be assigned to your son. This essentially means that he would step into your shoes. The owner would have to sign off on this as well. And it is recommended that this - along with the original contract - is filed with county records re: the deed for the property. (The agreement can either cite the original contract and state where the son will pick up, or, void the original contract and begin one anew with the son.) The owner would have to sign off on this, as well as you and the son. Once this is done, your son will take over the contract as is. If you simply wish to transfer the interest (but not the payment), the same applies but simply the new agreement has to reflect that. If so, then you would remain liable for anything not paid. I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.
Expert:  Ely replied 1 year ago.
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!