A living trust is a document that creates a separate entity to hold all of your assets. The trust holds the assets, which are managed by you as the sole trustee until you die. Upon your death, the assets are still in the trust and a new trustee can managet the assets and can even sell them.
How can you get the name of a fellow home investor off a deed after you pay off the mortgage to a home? You may initially need a partner to buy a home, but what can you do if you pay off the mortgage and your partner disappears? You likely want the home's title to list only your name when you pay off the mortgage. To change this you'll need to go to court and file a partition lawsuit with the help of a knowledgeable attorney.
Buyers of an apartment building are denied a mortgage and are unable to get their down payment returned. It's important to know what is in your real estate contract to protect yourself if the home sale falls through. A contract with a financing or mortgage contingency would give the buyer the right to terminate the purchase if financing couldn't be secured.
A closing date is moved several times and the borrower wonders if they can cancel the loan. Your purchase is governed by the terms of your purchase agreement. You must abide by the terms of that agreement or you risk being sued by the seller or losing your escrow deposit, or both.
A couple is concerned about how to protect their investment in a home that both partners pay expenses for but only one partner is on the title. It's a simple process to add a name to a title, but there are more complex issues of a domestic partnership agreement. A domestic partnership agreement would detail how both people hold the title to the home.
When you sell your home you may face a mortgage prepayment penalty if you still have a mortgage loan. In addition you may have to pay taxes on the profit from the sale. To determine the best way to structure a real estate sale when you have a mortgage loan with a prepayment penalty you should contact a real estate attorney and accountant.
It's fairly easy to add somebody to your title. Simply draft and execute a new deed transferring an interest in the title. But there are a few things to consider when adding someone to the title of your home.
Giving the gift of real estate or investment property requires a willing giver and a willing taker. A person cannot gift property if the person they are giving to declines the real estate gift. If the receiver accepts the gift, he or she is responsible for all taxes, fees and payments associated with the property.
