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MY MOTHER HAS ME IN HER WILL AS SHE IS GIVING ME HER RENTAL HOME WHEN SHE DIES BUT NOW SHE IS NOT ABLE TO CARE FOR THE PROPERTY SO SHE WANTS TO TURN THE PROPERTY OVER TO ME NOW. WHAT DO WE NEED TO DO ABOUT IT. THE PROPERTY HAS A CLEAR TITLE WITH NO LIENS ON IT

by RTC0601143 from Ashburn, Virginia. Apr 6th 2017 Reply


Give me a call at 443 660 9903. Thanks.

Apr 6th 2017
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Dan Paladin (dpaladin)
#1 ranked lender in California - 433 contributions

She can execute a quit claim giving you title....I would advise using a title company to insure that transfer as to avoid any issues in the future.

Apr 7th 2017
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

You can choose an escrow or title officer at any escrow/title company to get what assistance they can offer you. Normally there has to be a purchase of the property for them to provide full assistance. They could perhaps provide you with the necessary forms to be signed and you can file them with the county. You usually get a copy of the newly recorded title with your name on it in about two weeks. Definitely contact one, but you can also get assistance from a paralegal firm.

Apr 7th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Before you do anything, you should contact a local real estate attorney and your CPA or a financial planner.. There could be tax consequences involved if you do not transfer the property correctly.. If you are hit with a huge tax bill, it could be devastating, so it's best you spend a few dollars now to avoid any tax issues... I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 7th 2017
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

If you keep it as a rental property and do not choose to make it your primary property you definitely want to find out what the tax consequences could be. An experienced escrow/title officer often has had experience to offer knowledge regarding that but then a CPA or real estate attorney could be the best choices for guidance. I have done many loans wherein someone was added to title and a refinance loan made and since it was their primary property there was no significant tax consequences to being added to the title.

Apr 9th 2017
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