Real Estate Investor · San Diego, CA · Member since 2012 · 18 posts · 1 vote
My mother and I sold a property we jointly own, and took back a loan in the form of a Promissory Note and Deed of Trust. The borrower is paying the note on time every month. Now my mother wants to move the note and Deed of Trust to be only in my name before she passes away. What's the simplest way to do this?
Thanks.
If you sold the property why is the deed in your names?
I suspect an installment sale, she can do a quit claim deed to you, vesting any interest she may have in and to the property to you.
I suggest you check on issues, estate and medicare/medicaid matters with disposing of property in the contemplation of death, 3 to 7 year periods may apply. So, see your attorney. :)
Forget what I said up there, you need to do an assignment of note and deed of trust, but, doing so can trigger tax issues, she may be able to do so as a gift, depends on what the value is that she gives you, so see your attorney on both tax issues and an assignment.
My comments as to the contemplation of death issues still apply, so ask your attorney this aspect as well.
Good catch Steve, I have my physical in March.... LOL