want to relinquish home to daughter

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want to relinquish home to daughter

My husband passed away 2 years ago. Am now living only on SS. Would like to
relinquish home to daughter…including the loan assumption

Asked on July 2, 2018 under Real Estate Law, Arizona

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You probably can't have her take over the loan, not if it was a commercial mortgage. Commercial mortgages typically have "no assumption" clauses, which prevent anyone from taking over the loan. Such clauses are legal and enforceable. Similarly, you can't transfer it to her without paying off the loan--no transfer is allowed without discharging (i.e. paying off) the mortgage. As a practical matter, you most likely need to sell the home to her (you can obviously give her a good price; and you won't need a realtor or realtor fee) and she will, in the process, pay off the mortgage by taking out  one of her own (assuming she can't pat it down in cash).


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