Transfer Of Property
Transfer Of Property questions and answers
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Q: How to transfer property after father dies without a will.?
Wifes father died without making a will. He had four children (2 daughters and 2 sons including my wife, and his wife). How will the transfer of landed property and house be effected? What are the legal procedudes involved that need to be followed.
A: Usually the surviving spouse gets the couples' property and everything --you don't need a will for the first death. BUT she must get a will made dividing up everything according to her wishes. She needs to go to a lawyer who specializes in wills and estates. The property is usually always in husband and wife's names as well as bank accounts so she only has to go to the bank and put everything in her name and whomever she picks to be the executor. This is in case something happens to her, the executor can go and get money out of the bank BUT not until she is either dead or incapacitated. She can go to your city hall or where the taxes are sent and bring his death certificate and ID & have his name taken off the deed and then only her name goes on. She really doesn't have to do this until she wants to since there is no change in ownership. Children do not inherit until the last parent dies.
Q: Is there a legal way to transfer property other than the formal way?
I am selling a moble home and lot in a rent to own deal. The contract is finished, my renters can't afford the high closing costs, they are on limited income. They have satisfied our agreement. Now can I just transfer the property to them? I just want it out of my name. How do I go about that?
All of the taxes are paid and I have the deed in my possession.
A: Give them a "QUITCLAIM" deed and have them record it.
Q: What is the difference between making a declaration of trust and transfer property on trust?
from my reading i found out that there are different formalities requirements for declaration of trust of property and different formalities requirements for transferring property ... what exactly do we mean by saying declaration of trust ? and is it any distinction or any difference from transferring property to the beneficiary?
A: The terminology is confusing but that what law is for.
There are different categories of ownership in English Law the highest 'level' being 'legal' ownership.But perhaps oddly 'legal ownership' does not always mean I can enjoy or use the property I legally own for my own benefit.
A trust is a legal device where the legal ownership - ( the right to control and transfer it to someone else ) - is held on behalf of someone else - the beneficiary.If I am a trustee I only 'own' the property in order to be able to use it for the benefit of someone else.
So a declaration of trust is how I give property to some trustees to hold for the benefit of named beneficiaries.Once I do that I no longer own it and cannot have ot back,The trustees need to deal with it following the terms of the Trust Deed.
So a declaration of trust sets up a trust - the donor gives legal ownership of the property to the trustees and instruxts them on the purposes of the trust - i.e how to deal with the property,
A "transfer of property on trust" is a not a legal 'term of art' (it has no special meaning) and could relate to any legal document Trustess execute in pursuance of the Trust.
Q: How to transfer property from company to personal name?
my parents started a partnership company and purchased a residential property which is an asset of that company. They want to gift that property to me rather than the other siblings. How can this be done?
A: They can unwind the company, take the property into their names and gift it to you. You need a lawyer for this.
Q: How can we transfer property in an amicable divorce if the other spouse has bad credit?
My wife and I are filing our own very amicable divorce. The house is currently in my name and we wonder what our option are for what we can do with it. Ideally, the house would be put in her name but refinanced at a higher cost - net cash out to me. The problem is that her credit is really bad (mine, too), and a refinance in her name may have horrible terms. Is there a way to transfer the ownership of the house to her under the terms of my (the current) mortgage? Any help is greatly appreciated.
A: That is not really possible in todays market.
An alternative is this, place her name on the deed, and give her the option of rent to own. Then you act like the bank and recieve her payments until it is paid off. In the meantime, because that could take her 10-30 years, you could place the house on the market..and split the equity after sale.
Q: what is the difference between making a declaration of trust and transfer property on trust?
from my reading i found out that there are different formalities requirements for declaration of trust of property and different formalities requirements for transferring property ... what exactly do we mean by saying declaration of trust ? and is it any distinction or any difference from transferring property to the beneficiary?
A: A trust is where the legal ownership of property is separated from the "beneficial" ownership. The beneficiaries have the ultimate benefit of the property, but in the mean-time someone else, the trustee(s), are the legal owners and manage the property in the interest of the beneficiaries. By definition trust property is never transfered to beneficiaries.
The fundamental difference is that when you declare a trust the trustee is already the legal owner, they are simply declaring that they are now holding it on trust for someone else. When the property is transferred the current owner gives it to someone else to hold as trustee for some other beneficiaries.
In either case there are usually no specific formalities, and even an oral statement that a trust now exists is sufficient. Although of course a written document is usually preferred to prove the exact terms of the trust. The exception to this is a trust of land, which needs to be evidenced in writing to be enforceable.
You may be thinking of the rules to effect a valid transfer of trust property, which are obviously not relevant to a declaration. A trust made by transfer will only be valid if the property is validly transfered. A failed transfer does not take effect as a declaration of trust.
For example, land can only be transfered in writing, shares need a validly executed share transfer form, and chattels need to be physically delivered.
Q: what is the procedure for transfer of property after demise of the owner?
My dad has expired 3Yrs ago and left no will.our property documents are with the housing finance co.what is the procedure for transferring property on my mother's name.pls help?
A: if your father has not left any "will", the procedure is as follows:
1. Apply for death certificate from municipality.
2. Using the death certificate, apply for legal heir ship certificate from Tahsildar.
3. the legal heirs are the co-owner with equal rights.
for example if your father has 3 children, then all three children and your mother total four legal heirs will have 1/4 rights over the property.
if every one feels the property can be transferred to your mother, then all the three children shall relinquish their rights in favour of mother by a registered release deed.
now your mother will have absolute right in her name.
edit:
The answerer "ibu guru" is correct in respect of probating in the court. But it is applicable for the properties where there is Will and only that WILL need to be probated in the Court. In your case your father has not left any WiLL and hence the probating in the Court is not applicable to you.
And another important thing is that even in the case of probation of WILL it is applicable only for the properties within the Jurisdiction of four metro cities (Delhi, Chennai, Mumbai, Kolkatta).
Q: how to do a quick deed to transfer property?
I am paying the taxes of a relative's property because they no longer want to pay the taxes. I am paying the taxes now but do not have the property in my name. Ederly person hesitates to get it put in my name. I need advice.
A: I would look into quitclaim deed.
If the person doesn't want to transfer, then you have the option to stop paying the taxes.
Q: How do I transfer property from a revokable living trust in the event of incapacitation?
I am trying to obtain a home equity line of credit against my grand mother's home to pay for her health care.
A: You do NOT want to take any property out of the trust. This type of situation is the main reason that you have a living trust. If your grandmother is incapacitated and cannot make financial decisions, than more than likely there is a provision in the trust for the successor trustee to take over as the trustee. If she is not incapacitated, but she does not want to or can't make the financial decisions than she can resign as the trustee and appoint a new trustee to handle her affairs.
I can't stress this enough, before you do anything, you need to take the trust document to an attorney, preferably the attorney that wrote the trust and get some advice.
Q: Is there time limit you have to wait before being able to transfer property you just bought into another name?
If I buy property and want to transfer it as soon as possible into someone else's name who is not my relative, do I have to legally wait a certain number of days before I can do this?Thanx
A: There is no legal requirement to wait. You can do this with a simple quitclaim deed which you can buy online (just do a google or yahoo search for "quitclaim deed"). You then have your signature notarized and file it at your county recorder's office. That, too, is a small fee. Quite simple. There are, however, some potential tax issues if there is a large (more than 12,000) equity in the home. If there is, consult with a tax accountant
Q: How to transfer property when owners are deceased?
There was a little problem with a will that was left. The house did not go into my dad's name. It has been about nine years now and the house is still in his parents name. How does he go about transferring the title of the house from the deceased owners into his name? This is in LA county in CA.
A: If there was a will, the will had an executor or executrix named. Call that person and find out why the title was not changed and get him or her to do it.
Q: Under Tn law Can a man transfer property in his name without his wife's signing?
If a man buys property and his wife is unaware of the property and her name is not on the deed however it was brought while married can the man legally sell or transfer the property without the wife's signing the transfer. During a title search will it be a clear title. What would happen to the property should the man pass away and his wife is still living If the property taxes continue to be payed?
A: Yes, unless he is being sued in a divorce. If the man passes away, and depending on who is paying the taxes, the wife can legally take it into possesion if the will reads "I hereby leave everything to my wife." If there is no will, then whoever is paying the first taxes can take it, then decide what they want to do with it. That is they can prove the man that died left them as caretaker or overseer of the taxes.
Q: Transfer property ownership to a friend?
My boyfriend has hight debts. I wish to give him the money to clear the debts in return for him giving me 100% ownership of his interest in his property. His equity is not as much as I am paying so he will keep the mortage payments going. Is this possible that I can own the property while he continues to pay his mortgage?
A: honey don't do it!!!! as much as you may love him.....he could break up with you.....and where would you be??????
if you want to do this see a lawer first please.....you are making a big desission here. maybe a contract could be drawn up.....but he could sign over the property, and stop paying payments, then YOU must pay them.......get legal advice first please.......good luck.
Q: Can a not for profit corporation in New York transfer property to the same kind of entity with just a deed?
Or are other documents necessary.
A: I believe you must also have a motion officially passed by your board of directors.
Q: how will I transfer property when person is deceased?
My husband and I have entered into agreement with his sister who is power of attorney for her mother in law. Her mother in law owns house. I drew up agreements best I could. 1. Agreement for deed 2. Lease to purchase agreement 3. Lease. They were all filed at county courthouse. Along with the power of attorney. Agreement is for $50,000. no $ down, just $400. a month and I pay all taxes as of agreement. Agreement is for 10 years, no interest. She pays for all back taxes with lease to purchase payments. How will we transfer ownership/File Deed when her Mother in law has passed away? Thanks for any help.
A: depending on your location, the probate or similar court appoints an administrator [or similar] of the estate of the deceased. after this appointment is recorded, the administrator then transfers property to the estate via the usual means.
After that, the estate may sell or otherwise transfer property as the Will indicates via the normal documents, possibly with a supplement refering to the authority of the Probate [or similar] Court.
A local real estate attorney can handle all the details, including providing appropriate forms that actually work in your state.
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That said, I STRONGLY advise you to find and consult that attorney NOW. It would be quite common for your sister-in-law to be named in her mother-in-law's Will as Administrator of the Estate.
If so, the MOMENT your mother-in-law dies, your sister-in-law is legally bound to do her utmost to honor the terms of the Will, EVEN IF that means transfering the remaining interest in the house to someone other than you, or to someone who may demand that you make immediate payment of the balance because the documents you drew up are flawed.
Of course, I do not know that your documents are flawed. However, if they are and this is discovered after the lady is deceased, it is TOO LATE to go back and correct any flaws. Your sister-in-law will then have no authority as power of attorney over the woman's affairs [even if she is now the administrator].
You are, quite possibly, in danger of losing everything you've paid and being evicted without compensation. You NEED that lawyer to set the agreements to rights.
GL