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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 ...
Transfer the property to themselves and then sell it and pocket the cash, or get a cash-out refinance mortgage on it, pocket the money, and never make a payment Find a buyer and sell the property ...
The deed to a property confers ownership, so transferring the deed to the beneficiary is the vital first step. Specifically, you’ll need a quitclaim or grant deed for the transfer.
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 ...
A fraudulent conveyance or fraudulent transfer is the transfer of property to another party to prevent, hinder, or delay the collection of a debt owed by or incumbent on the party making the transfer, sometimes by rendering the transferring party insolvent. [1]
Most property possessed is obtained with the consent of someone else who possessed it. They may have been purchased, received as gifts, leased, or borrowed. The transfer of possession of goods is called delivery. For land, it is common to speak of granting or giving possession. A temporary transfer of possession is called a bailment. Bailment ...