Sometimes situations arise where you need to transfer real estate when there is no sale involved. These situations can include gifts to relatives, estate planning purposes (lady bird deed), moving property into or out of a trust, divorce, death of a loved one, and asset protection. There are important considerations in all of these various circumstances. Transferring real property can have huge ramifications if there is a mortgage on the property. Depending on your exact situation, transferring property when there is a mortgage can trigger a due on sale clause where the entire amount of the loan becomes immediately due. Also important is determining which type of deed you need. Several of the various types are general warranty deeds, special warranty deeds, deeds without warranty, and quitclaim deeds. These deeds mainly differ in the type of warranty that you are providing to the individuals or entities getting the property and vary greatly in the amount of future liability to which you may be exposed.
We can discuss your specific situation with you to help determine which type of deed is appropriate for you and prepare one for a flat fee.
Call us now for a free consultation at (210) 802-9377 if you need to transfer real estate.