Posted on: 17th Jul, 2008 10:21 am
I bought a property for a friend, as an investment. Therefore, I am the rigthful ower of the house, but I left the property management on him and in the last two months he has been having problems to came up with the money to pay the mortgage on the house.
Nevertheless, I do not want to take over the house, instead he has been talking to me about transferring the house to his uncle. They talk about a "friendly buyer" agreement, but I do not buy that DREAM. A friend related to the issue told me not to sing the deed or anything related to the property.
My question is, is there a way really transfer the ownership to comeone else, if not should I just rip off the agreement and take over the house. Or, if there's a legal way, how can I transfer the ownership and the mortgage altogether to his relative?
My friend talk to me about an Assumption Agreement of Deed of Trust or Mortgage, but I can not find any further and deep information regarding that, because I thing there's not included that clause on the mortgage.
Thank you very much, I'd really appreciate your time and answer.
Nevertheless, I do not want to take over the house, instead he has been talking to me about transferring the house to his uncle. They talk about a "friendly buyer" agreement, but I do not buy that DREAM. A friend related to the issue told me not to sing the deed or anything related to the property.
My question is, is there a way really transfer the ownership to comeone else, if not should I just rip off the agreement and take over the house. Or, if there's a legal way, how can I transfer the ownership and the mortgage altogether to his relative?
My friend talk to me about an Assumption Agreement of Deed of Trust or Mortgage, but I can not find any further and deep information regarding that, because I thing there's not included that clause on the mortgage.
Thank you very much, I'd really appreciate your time and answer.
kpatrick is right. Do not get into a situation where someone else is paying your mortgage. You are betting your good credit on someone else.
There are many ways to structure real property transactions. However, transferring the mortgage and title is just selling the uncle the property. You could still retain an interest.
If he does not have the money, you can transfer title to him, but retain a deed of trust (mortgage). Someone still has to pay the mortgage, though. It sounds like they want to have the property but have someone else pay for it. It just doesn't work that way.
Consult with a local real estate attorney.
There are many ways to structure real property transactions. However, transferring the mortgage and title is just selling the uncle the property. You could still retain an interest.
If he does not have the money, you can transfer title to him, but retain a deed of trust (mortgage). Someone still has to pay the mortgage, though. It sounds like they want to have the property but have someone else pay for it. It just doesn't work that way.
Consult with a local real estate attorney.
