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Angela Turner

Transfer ownership of home to my daughter while a morgage is still owed on home

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How or what can I sign my home over to my adult daughter. I still owe on the morgage and want to relinquish the home to her. I have cancer and she wished to take over the morgage so the home will go to her. She has 2 small children and i want to be certain she gets to keep my home in the event I move or pass. What can we do and how do we do it.

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Several possibilities.

 

Gift it to her outright.

 

Put her on the deed with the two of you as joint owners with right of survivorship.

 

Use a Lady Bird Deed (google it). It's kind of unique to Florida and only a couple of other states.

 

Any of the choices have their pros and cons so I suggest you talk to an attorney about your options.

 

Read your loan contract and make sure that an intra-family transfer is not a default.

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Is your daughter your only child?  If she is, and you have no husband, the property will go to her when you die without your doing anything.  If you have other children you need to make a will leaving the house to your daughter.  I would not recommend giving the property to her since that may have serious tax problems if she sells it after you die.

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15 hours ago, Angela Turner said:

How or what can I sign my home over to my adult daughter.

 

The way to transfer an interest a piece of real property is to sign and record a deed.

 

 

15 hours ago, Angela Turner said:

I still owe on the morgage and want to relinquish the home to her. I have cancer and she wished to take over the morgage so the home will go to her. She has 2 small children and i want to be certain she gets to keep my home in the event I move or pass. What can we do and how do we do it.

 

I'm not sure what the size of her children has to do with anything, and I'm not really sure what "in the event I move or pass" means.  If you want your daughter to have your home after you die, giving to her now may not be the smartest way to go about it.  Among other things, giving it to her now may constitute an event of default under your mortgage loan agreement, which would allow the lender to accelerate the loan and foreclose.  If you're concerned about avoiding probate, then creating a trust and putting the house in the trust may be the best way to go.  You would be ill-advised to do anything without consulting with a local estate planning attorney.

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