Legal Question in Real Estate Law in Florida

Retitling

My Mom carried back a mortgage note upon sale of her house.

How do we retitle the note so that it is payable to her Revocable Living Trust, rather than to herself as a single individual?

Is it a Quit Claim (with FL document tax on the transaction)?

This may be of interest, becuase more FL residents are having to carry mortgage notes now


Asked on 10/03/07, 4:32 pm

1 Answer from Attorneys

Scott R. Jay Law Offices of Scott R. Jay

Re: Retitling

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

If I understand your question properly, it sounds as if she wants to assign her Promissory Note and Mortgage to her Revocable Living Trust. She should hire an attorney to make sure that this is done correctly for a nominal sum. Frankly, she can be pennywise and pound foolish by trying to do this on her own. It will cost many more dollars for an attorney to have to undue the damage done by an improperly drafted assignment.

Scott R. Jay, Esq.

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Answered on 10/03/07, 11:12 pm


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