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Transferring a mortgage can simplify things: The new borrower wouldn’t have to apply for a new loan, pay for closing costs or possibly risk paying higher interest rates. However, many kinds of ...
Don’t Transfer Property While You’re Still Alive Clients frequently ask Tim Sechler, certified elder law attorney of the Sechler Law Firm , if they should transfer ownership to their heirs ...
Painting of a family moving in the 19th century. Relocation, also known as moving, or moving house, is the process of leaving one's dwelling and settling in another. [1] The new location can be in the same neighborhood or a much further place in a different city or different country (immigration).
In the transfer of real estate, a deed conveys ownership from the old owner (the grantor) to the new owner (the grantee), and can include various warranties. The precise name and nature of these warranties differ by jurisdiction. Often, however, the basic differences between them is the degree to which the grantor warrants the title.
Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
“When Tom and Jane passed away in 2020, the house was worth $600,000, and Bill inherited the property in trust at that base value — real property gets a stepped-up basis at the owner’s death.