How to convey a mortgaged property?

I have a second home that I use as rental property. This property still has a mortgage attached. How would I go about deeding this property to my daughter without obtaining a new mortgage?

Asked on June 29, 2012 under Real Estate Law, Utah


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Adding her name to the title now could be a problem as it would violate a clause in the mortgage.  You need to read the document to be sure but I am fairly certain that is what the agreement will say.  It would compromise the lender's position.  I would speak with some one about estate planning instead.  Possibly placing the property in a trust for her benefit or simply willing it to her in a Will.    Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.