• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Transfer of Life Estate to Individual

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

B

bongorobb

Guest
What is the name of your state? North Carolina
Two years ago my parents deeded me and my children 4.66 acres, Life Estate.
I have since built a house, and would like to refinance from a home-only loan, which has very high interest rates, to a mortgage that would include the land, at alomost half the interest.
My parents have no issue with changing the deed to my name only, and I've been told that a quit claim will work, but I'm sure there has to be some additional release that my parents would sign. Does anyone have the necessary verbage, or is it necessary?
HELP!!! Time is of the essence!
 


HomeGuru

Senior Member
bongorobb said:
What is the name of your state? North Carolina
Two years ago my parents deeded me and my children 4.66 acres, Life Estate.
I have since built a house, and would like to refinance from a home-only loan, which has very high interest rates, to a mortgage that would include the land, at alomost half the interest.
My parents have no issue with changing the deed to my name only, and I've been told that a quit claim will work, but I'm sure there has to be some additional release that my parents would sign. Does anyone have the necessary verbage, or is it necessary?
HELP!!! Time is of the essence!

**A: hire an attorney as the life estate interest must first be extinguished so that the new first mortgage can be secured by both house and land.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top