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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: 56,592
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: 56,592
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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Richard
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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,592
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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