I can prepare the paperwork -- a grant deed and a preliminary change of ownership report -- and have the grant deed recorded, for $200.00 plus the county recorder's filing fee. You will need to get the deed notarized by a notary.
Giving away your ownership will not cancel your liability for any loans or other debts secured by the property. They will still show on your credit report. If the property is a residence and the lender holding the first deed of trust forecloses, that lender cannot sue you for any deficiency (i.e. loan amount minus foreclosure sale price), but all the junior lenders and lienholders still can.
You should talk to a lawyer about why you want to do this. There might be a better solution to the problem you are trying to solve.
If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business.
Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need.
Dana Sack
Answered on Oct 09th, 2017 at 9:25 AM