Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

My wife and i borrowed $241,000 from my parents to purchase…

Customer Question
My wife and i...

My wife and i borrowed $241,000 from my parents to purchase a home out right so there is no mortgage. We all signed a letter stating that my wife and I are to repay the loan over time. Due to hardships, left my job to help son overcome his addiction, and bills piled up so repaymennt stopped. We need to repay the loan and because im still out of work, the best way i know to repay my mom(father died) is to do one of these options:

Lawyer's Assistant: Where is the home located?

DELAWARE

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

1- ADD MOMS NAME TO THE DEED.2-ADD MOMS NAME AND REMOVE WIFES (SHES OK WITH THAT).3-OPTION 2 THAN AT LATER DATE REMOVE MY NAME AS WELL. I DO NOT WANT ANY TAX IMPLICATIONS FR ANYONE.

Submitted: 1 month ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
no steps taken thus far
Customer reply replied 1 month ago
We repaid about $94,000 of the $241,000 borrowed so we still owe $147,000. I would say that the current market value (if need this information) is roughly $330,000.
Customer reply replied 1 month ago
new castle county, delaware
Customer reply replied 1 month ago
i need to go to bed. I will look for an emailed response tomorrow
Answered in 1 hour by:
3/15/2018
Real Estate Lawyer: Bill Attorney, Lawyer replied 1 month ago
Bill Attorney
Category: Real Estate Law
Satisfied Customers: 2,043
Experience: Attorney
Verified

Dear Customer ,

Thank You for posting your real property and contractual debt question this evening.

I'm attorney Bill following up on your question.

Because an agreement to borrow and repay is contractual in nature the terms of repayment are governed by your express agreement.

Both parties can renegotiate the initial contract and agree to any of the options that you have submitted.

Transferring the title is something that you can do by quitclaim deed or other deed so long as you complete the necessary sales purchase agreement. Your agreement should describe the transfer of real property as consideration for the full due debt owed.

You would need the written signature of all title owners to execute the said deed.

We are here to help so please follow up with me as required.

In return your positive rating is much appreciated.

You do this by rating 5*****, 4**** or better.

FIVE STARS or your rating in this regard is much appreciated.

Best

Attorney Bill

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
Thankyou for the response.So if i do a quitclaim deed stating we are transferring full ownership of the house and deed over in consideration of the entire debt owed and we sign the quit claim deed in the presence of a notary that will make the transfer official and we then just turn the paper work over to the county deed clerk so they can update the deed records.Now, will their be any inheritance tax or transfer tax that anyone will have to pay? If so how much or what percent? Considering that the home ownership is being transferred over free as repayment for a debt and is not being sold to her or gifted to her, will that exempt all people from paying a transfer tax or inheritance tax?Will the transfer of ownership have any effect on anyones consumer credit rating?
Customer reply replied 1 month ago
As far as transfer tax OR tax exemption on the property transfer does my situation(transfer a deed to repay a debt with no money exchanged, State- Delaware, County- New Castle County) match any of these exemptions listed below?Transfer Tax Exemption
While many states impose a tax on land transfers, many states also recognize exemptions to the tax for common transactions. Your transaction MAY be exempt from the transfer tax if the transfer involves any of the following:A gift among family members where no money is exchanged
A transfer among family members where only nominal consideration is given
A transfer releasing property held as collateral for a debt1st exemption stated: My opinion is that its not a gift , its a repayment of a debt.
2nd exemption stated: I'm not sure about the wording here if this is my situation or not.
3rd exemption stated: The property was never held as collateral since we were on the deed to begin with even though a notarized note states we are to repay the debt.Would I be exempt from transfer tax?
Customer reply replied 1 month ago
from new castle county recorder of deeds:STATE OF DELAWARE 2.50% State Affidavit Required
NEW CASTLE COUNTY 1.50% County Affidavit Required
NEW CASTLE COUNTY EXEMPTION County Affidavit Required
County Exemption Form Required
NEW CASTLE COUNTY County Affidavit Required
1ST TIME HOME BUYER 0.75% County Exemption Form Required
Lenders Certification Required
The Recorder of Deeds collects Transfer Tax for the State of Delaware, New Castle County, City of Newark, Middletown
Delaware City, New Castle City, Smyrna and Town of Clayton. Payment for transfer tax should be made in two separate
checks: one check for the State portion and one check for the County/Municipality.
BOTH checks should be made payable to 'New Castle County"23 MIDDLETOWN 2 State Affidavits Required Phone(###) ###-####Two checks payable to New Castle CountySO it sounds like i have to pay 1.5 % of some amount(market value, tax assessment, debt I owe my mom???) unless i fall under the three exemptions i listed?
Was this answer helpful?
Ask Bill Attorney Your Own Question
Bill Attorney
Bill Attorney
Bill Attorney, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,043
2,043 Satisfied Customers
Experience: Attorney

Bill Attorney is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
Two people not married are paying a mortgage on a house they
Two people not married are paying a mortgage on a house they both bought. Both people are on the title. One person wants out. Can the other refinance the mortgage without the other involved with the r… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
On the mortgage or deed but have been paying the mortgage
my name is ***** ***** the mortgage or deed but have been paying the mortgage frm sept.2015 -apr,2018 I don't have I know legal rights but I still want to know if there is anyway that can protect me … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,716 satisfied customers
MORTGAGE QUESTION: When mortgage lenders make loans to
MORTGAGE QUESTION: When mortgage lenders make loans to individuals to purchase a condominium/home where there is a Condominium Association / Home Owners Association (HOA), do they typically require be… read more
Lori
Lori
Juris Doctor
1,090 satisfied customers
Property deeded to me. foreclosed .THE MORTGAGE LOAN WAS IN
property deeded to me . foreclosed .THE MORTGAGE LOAN WAS IN ANOTHER PERSONS NAME IN THE STATE OF Miss. what are the rrequirements to obtain the houswe and property back? … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,716 satisfied customers
I have grounds to Terminate a contract with my mortgage
I have grounds to Terminate a contract with my mortgage company, how do I go about doing or the steps to do this.… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,716 satisfied customers
Who are "beneficiaries of mortgages or deeds of trust" in
Who are "beneficiaries of mortgages or deeds of trust" in the context of condominium property? Such are required to sign any amendment to the "Enabling Declaration for the Establishment of a Condomini… read more
socrateaser
socrateaser
1,031 satisfied customers
Can I refuse to go through with a purchase of real property
Can I refuse to go through with a purchase of real property if the lender (Quicken) informs me just 6 days before the closing that it made a mistake in estimating the real property taxes for the prope… read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
I have a real property tax issue. I have paid the tax after
I have a real property tax issue. I have paid the tax after being sued for the tax and the payment was refused and the property was taken anyway. … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,716 satisfied customers
My mortgage company is raising my mortgage saying I do not
My mortgage company is raising my mortgage saying I do not have enough money in my escrow account. If I pay the escrow reserve amount in full the mortgage company is raising my mortgage payment anyway… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,336 satisfied customers
Can a tenant claim an easement in real property? Or is an
can a tenant claim an easement in real property? Or is an easement claim limited to a fee title holder? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
If you have a written contract to sell a real property is
If you have a written contract to sell a real property is there a 3day wright of recission … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
29,402 satisfied customers
Can I record my riparian rights on my real property? Texas.
Can I record my riparian rights on my real property? … read more
KLAW
KLAW
Juris Doctorate
2,047 satisfied customers
Is there a time period that a 2nd mortgage holder has to
is there a time period that a 2nd mortgage holder has to record the deed of trust? also, can a mortgage holder legally transfer the servicing rights to another company if the deed of trust is not reco… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,153 satisfied customers
I'm looking for help concerning Idaho real property
I'm looking for help concerning Idaho real property foreclosures. In Utah, all foreclosures are posted online at the website www.utahlegals.comI'm researching a house in Idaho and I'm wondering if any… read more
Lori
Lori
Juris Doctor
1,090 satisfied customers
I am in a civil lawsuit with real property foreclosure
i am in a civil lawsuit with real property foreclosure against one of the big banks, the first filing was dismissed with prejudice we refiled and was granted in part and denied, the defendants filed s… read more
Lori
Lori
Juris Doctor
1,090 satisfied customers
I represent myself in a partition case of real property in
I represent myself in a partition case of real property in California Supreme Court. On Nov 13 the judge granted a ‘summary interlocutory motion' to divide the property. This was done in spite of my o… read more
Seattle Scott
Seattle Scott
Private practice attorney
995 satisfied customers
If a real property is for sale and the deed says no family
If a real property is for sale and the deed says no family member can buy or live in the property if another person buys the property can a family member lease or buy the property the property from th… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
10,236 satisfied customers
Can title to real property and ownership of real property
Can title to real property and ownership of real property exist separately between two separate entities?… read more
Michael Gonzalez
Michael Gonzalez
JD
555 satisfied customers

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.

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).

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.

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).

Show MoreShow Less

Ask Your Question

x