Updated about 11 years ago on . Most recent reply
Deed Transfer help in California
A family member of mine is getting up their in age and wants to transfer her investment property to us. She just doesn't have the will power to maintain it, deal with tenants etc.
The mortgage does have existing balance, How can we go about this to transfer by keeping the existing balance and have us as the new owners?
The home does need some TLC and and has current tenants.
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#3 Real Estate Deal Analysis & Advice Contributor
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What you're probably talking about is a "subject to" purchase. You're buying the house from her subject to the existing mortgage. That does have risk, specifically that the lender will call the note. Search for that term, lots of discussion about this topic.
The loan might be assumable. Get out the promissory note and read it. If that's possible, you would work with the lender to assume the note. That eliminates the due on sale risk, but does require you qualify with the lender. And there may be some fees.
In either case, you do the actual transfer with a title company.