My friend is transfering the grant deed on his house to me. How does this work?
611970
you should spend the money to speak with a real estate attourney. the mortgage may become/probably will become your responsibility.
942381
One question..are they lending you the money or are they borrowing the money from a lender to help you buy the home?\n\nIf they are going to be the actual lenders, in other words, they have the cash to give you for the home, they do not have to be on the deed. If they are borrowing the money through a lender to help you buy the home then they will have to be on the deed.
1023860
Enclose the property with a wall and Live in it paying council tax for a period exceeding 12 years, during that time you must prove you have tried to contact the owner and pay rent, if after 12 years the true owner has not asked for posession or rent then you are allowed to APPLY for the title to be transferred to you. this however is fraught with difficulty.\n\nthis cannot be done if any part of the land is classified as common land or has a public right of way passing through it or there is any secured borrowing on the property.\n\nther is NO such thing as squatters rights and you must be carefull not to break and enter or cause damage to the property as this will invalidate any future claim for transfer of title.\n\nPlease note that if you do sucees in transferring title to you it can still bel claimed back from you by the european court..\n\nDont bother trying unless you know the real owner doesnt want it. if ther is NO owner legally it belongs to the crown and you cant  transfer title from the crown under this method
1156821
Each state has different laws.  If the loan is in his name only but your name is on the deed, then you have no real worries.  The house is just as much yours as it is his.
943770
whoever the next of kin is, gets the land... your description is to confusing to figure that out for me..but you being a family memeber should be able too.... a lawyer would probally help too.. if there is a lean on the land or debts owed.. it might just go to the government.. I would get a lawyer
902241
Are you in an established relationship with this "friend"?  Are you living in the home with your "friend"?  Do you have the money to pay a real estate attorney to sort this mess out (assuming it can be) if things go sour with your "friend"?\n\nIf you really want joint ownership, refinance under both your names and have your name added to the Deed.
461132
I am a mortgage specialist.  Many communities use these grant monies to induce people to move into certain areas of a city or state.  General restrictions are that the home owner must live in the property for 10-15 years.  If you sell or refinance within that period, generally the grant amount must be repaid back to the municipality that granted it.  If you need more information, please contact me at wwi_2@yahoo.com
514484
A deed of trust can be assigned to a successor or assignees of the original trustee.  It doesn't make sense, why sell to a debt collector when they can foreclose?  Deeds of trust only apply to real property as far as I know. \n\nWas this a loan made through a private party?  If they don't have the capacity to collect they may sell or assign a company that can and the transfer has a taxable value.
72470
You make them a member of the company and will them your membership shares.  The basis of the transfer is based on your original basis in the stock (the cost).  Your childs basis becomes the value on the date of the inheritance/transfer.\n\nI believe this is how it will work (i could be wrong here), so you should check with a tax professional.
732763
Do yourself and them a favor, and hire a local attorney to do the paperwork and make the property transfer.  Better to pay a little now than a lot later.  Property interests are governed by a myriad of laws, and you don't know them.
1187216
I was in a simialir situatio to this a few years ago, except I didnt have any land.  I wasnt able to get a construction loan without putting up my half of my current shared house as collateral.  It was kind of a sensative area legally I was told.  It ended by my ex having to buy me out and paying off the remainder of the loan so she could own the house outright.  It can be done, you just need to investigate.
648324
if u live in california i can do the work for you. does your friend currently have a second on his house? if he does refinance depending on how much equity over the house you have u can join both loans into one and at the same time add in the $5-10 k you owe(u would get a check or cash if ud like at the signing). if he only has one loan on his house he can open up a second for the total equity you have available. im pretty sure they wont do a $5-10k loan but wat will happen is that u open a second for the total equity available to u and u just use what you need that come with really low interest rate
877935
Get a lawyer.\n\nUnfortunately, your friend must have missed something like notices from the assessor's office, sheriff's auction or something.
201789
If the house was already in the children's names, then there was no inheritance.  Therefore it would be considered a sale of real estate.  I believe the basis of the house would have been the basis on the date of the transfer, not the appraised value.  Don't forget to add the cost of any improvements to the original basis.\n\nFor more information go to the IRS website and download Publication 523 - Selling Your Home.  If that doesn't help, call the IRS directly.
829709
I'm not familiar with the laws in the state of Wisconsin, but I think it would be easiest (and cleaner) to just have a regular deed drawn up to convey the interest. (X and Y, grantors, Y, grantee). You would both sign the deed as the grantors.\n\nYou may be able to get a more concrete answer to this question by calling an attorneys office. You may be able to get this information without a consultation.\n\nHope that helps!
306641
You can if the title to the land is separate from the house.  But I suspect the title is for the combined land and house, so you can't.  Why would you want to do this anyway?
226979
It all depends on whose name is on the deed and mortgage.  If it's in one name, then the person who is named is responsible.  If you both are on it, then it's just like selling the house when you are married, just split the profit evenly.  If the deed is in one name and the mortgage is in both names, then the one on the mortgage who is not on the deed may get screwed, because that person has no ownership in the property, but is still responsible for the mortgage.  Don't sell it too cheap, because courts will look at sale prices and actual value and they tend to get upset if you sell a $150,000 for $50,000.