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Can my parents transfer their property to me if they still…

Can my parents transfer...

Can my parents transfer their property to me if they still owe money on it?

Lawyer's Assistant: Where is the property located?

In Butte County, California

Lawyer's Assistant: Has any paperwork been filed?

No

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

What has to be done to complete transfer? Is it legal to transfer property if one of my parents is in a rehabilitation hospital?

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Answered in 5 minutes by:
3/12/2018
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,208
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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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. Yes, no matter what the loan documents provide, Federal law prevents the lender from accelerating the loan when the property is transferred to a child. Specifically....

“12 U.S. Code § 1701j–3 - Preemption of due-on-sale prohibitions

(d) Exemption of specified transfers or dispositions

With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—

(5) a transfer to a relative resulting from the death of a borrower;

(6) a transfer where the spouse or children of the borrower become an owner of the property;”

Yes, it's legal as long as the parent is competent. :)

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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,208
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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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! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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