Deed of Gift Disclosure? Help - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
 
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post #1 of 5 (permalink) Old 03-10-2007, 10:54 AM Thread Starter
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Deed of Gift Disclosure? Help

What is Gift Deed Disclosure?
I got this legal document need some help from anyone that has any real estate law knowledge.

Its says
1. Even thought you will no longer own any interest in the property, you will remain responsible for paying the mortgage in the event the other co-owners do not pay. This liability will remain until the loan is paid off in full.

4. The transfer of part of the property to a person who has judgment or tax lien against him or her will subject the property to that lien. We recommend a judgment search prior to transfer.

Don't get it if we give up our property why would it says we still have liabilities? Anybody here knows more about real estate laws care to explain?


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post #2 of 5 (permalink) Old 03-10-2007, 11:20 AM
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Re: Deed of Gift Disclosure? Help

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.


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post #3 of 5 (permalink) Old 03-10-2007, 12:35 PM Thread Starter
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Re: Deed of Gift Disclosure? Help

[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.



[/quote]

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.


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post #4 of 5 (permalink) Old 03-10-2007, 12:38 PM
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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.



[/quote]

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.
[/quote]

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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post #5 of 5 (permalink) Old 03-10-2007, 12:50 PM Thread Starter
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Re: Deed of Gift Disclosure? Help

Yes I'll have to get a lawyer before I agree to sign anything.


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