Transferring ownership to a relative
Posted on: Wed, 04/09/2008 - 16:04
I just recently purchased a home and am renting it out to one of my brothers who recently had a home go into foreclosure. I want to be able to either transfer ownership to him without affecting the due-on-sale clause on maybe put it into a trust where he is the beneficiary. Is any of this possible? In case I die tomorrow, I want him to be able to take over the property as a beneficiary. Thanks.
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It sounds like you need a will, more than anything else. I am also a huge fan of living trusts, which avoid probate costs, time delays and the necessity of public notice.
A very good title company should be able to transfer the property without triggering due on sale clause (really all in the way that they do it, getting someone who understands the words “subject to” in terms of property).
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