Le Mans: Prototype Class
Join Date: Apr 2006
Location: Ottawa, Ontario
Re: Deed of Gift Disclosure? Help
[quote author=phan95 link=topic=71600.msg1259885#msg1259885 date=1173548133]
[quote author=Mazz link=topic=71600.msg1259826#msg1259826 date=1173543612]
If you sign it over to someone & still owe a mortgage, you're effectively being the banker & are still responsible for the loan. If its an assumable, better to sell it for $1 & xfer the loan, wipe you hands of it.
Property law can get complex, always advisable to consult with an attorney for any real estate transaction. The couple hundred it'll cost to review documents & examine liabilities might save your butt.
Yes I would like to sale the house completely but this is only a Deed to the house.
I heard someone said that even if I transfer the loan I still have liabilities to that mortgage.
Consult a lawyer that specializes in realty. They will make things perfectly clear, although charging you a bit for it, but will give you great peace of mind in the end.
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2006 Mazda 3 Sport GT. 5MT, Titanium Grey.