Deed transfer

[Blitz]

What is the name of your state? TX
What steps would I take to have a deed to a house transferred to someone else? Can a real estate attorney do this? Also, I heard it is better to transfer a deed to a house into a trust instead of to a person. What are advantages of this?

[seniorjudge]

Q: What steps would I take to have a deed to a house transferred to someone else?

A: You would first have your real estate lawyer order title insurance on the piece of property you wanted to buy. Then, if everything is okay and you have the money, you would have a closing and buy the house.


Q: Can a real estate attorney do this?

A: Yes.


Q: Also, I heard it is better to transfer a deed to a house into a trust instead of to a person. What are advantages of this?

A: There are advantages and disadvantages to a trust. As in life, there are upsides and downsides to every decision you make. You should discuss whether this is a good idea with your lawyer and your tax CPA.

[LindaP777]

Originally Posted by Blitz

What is the name of your state? TX
What steps would I take to have a deed to a house transferred to someone else? Can a real estate attorney do this? Also, I heard it is better to transfer a deed to a house into a trust instead of to a person. What are advantages of this?

Can we safely assume there is currently no mortgage on the house?

[Blitz]

yes, there is...

[FlyingRon]

There is a mortgage?

Transferring a deed is just the effort of writing it out in the correct form and taking it to the courthouse (or wherever) and recording it. A lawyer can certainly do it, so do whatever passes for a settlement house in your jurisdictions, or you can do it personally.

As to who to transfer it to (or in what manner). That matters highly on what you are trying to accomplish. Transferring real estate should not be done lightly (nor adding people to deeds which is tantamount to transferring ownership).

If this is some estate thing, transferring to a person while the grantor lives is almost always a bad idea. A trust may or may not be a good idea.

[LindaP777]

Originally Posted by Blitz

yes, there is...

Trying to transfer the deed while there is a mortgage could easily trigger the "due on sale" clause. The mortage holder went through rigorous application process to qualify for the loan - the loan does not transfer to the new owner. Once the mortage company finds out the deed had been transferred, they will demand all their money.
It is possible (assuming the new owner makes all the mortage payments) that the bank might not figure it out for a while. Here's a question - what if the new owner begins to pay late or stops making the payments all together? And the old owner would still get the tax write offs on the interest, while the new owner would not. So many questions, so many problems . . .

[HomeGuru]

[QUOTE=LindaP777 So many questions, so many problems . .

**A: exactly stated.