Legal Question in Real Estate Law in California
I inherited my mothers home in 2006. The deed is in my name but the loan is not. If the house is sold will I be able to keep the profit if there is any?
3 Answers from Attorneys
I'm not sure why there should be any doubt about this. I assume that by "The deed is in my name" you mean "The title is in my name." A deed is a transfer document, not an ownership document. If title is in your name, you can sell the home, and the liens (including the loan) that show up, and the costs of sale including commissions, will be paid through escrow. You'll get what's left over.......at least that's the way such things usually go, barring any surprises or unmentioned problems with the inheritance and your title.
You get any surplus, minus any liens that are paid off through escrow.
Upon sale, the mortgage loan will have to be paid off, and then the 'profit' remaining belongs to the title owner, you.