Before accepting title to any real estate it is essential to know your financial and legal obligations. This is especially true in agreements between family members. We have reviewed a few cases now where a person accepted a home from another family member in a settlement agreement. The person receiving the title thought they were getting a home, only to find out the title had extra registrations on it, the mortgage was not assumable, and there were tax implications they had not considered. The end result, as one can imagine, lead to some familial turmoil between the parties involved.
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If you need help dealing with such a situation and don’t know where to start, give us a call. We can help get you pointed in the right direction.
