want to relinquish home to daughter

UPDATED: Oct 1, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 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).

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 AttorneyPages.com 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.

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