Legal Question in Real Estate Law in Georgia
real estate
my husband owes a property and the mortage is on his name also, he wants to transfer the ownership to me and keep the same mortage we have now with his name on it, what should i do?
3 Answers from Attorneys
Re: real estate
Your husband runs the risk of triggering the "due on sale" clause in the mortgage. Consult with a local attorney.
Re: real estate
You ask what YOU should do without telling us what you and your husband hope to accomplish. All that can be said is that what your husband proposes is usually a bad idea.
Re: real estate
Your husband may deed the property to you, subject to the mortgage. HOWEVER, this can only be done with the consent of the mortgage holder, if the security deed has a "due on sale" clause. Mortgage holders generally have no problem with transfers between spouses.
You should have an attorney review the security deed to see if it contains a "due on sale" clause, or other restrictions on transfer.
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