How to convey a mortgaged property?
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How to convey a mortgaged property?
I have a second home that I use as rental property. This property still has a mortgage attached. How would I go about deeding this property to my daughter without obtaining a new mortgage?
Asked on June 29, 2012 under Real Estate Law, Utah
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Adding her name to the title now could be a problem as it would violate a clause in the mortgage. You need to read the document to be sure but I am fairly certain that is what the agreement will say. It would compromise the lender's position. I would speak with some one about estate planning instead. Possibly placing the property in a trust for her benefit or simply willing it to her in a Will. Good luck.
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