Legal Question in Real Estate Law in Kentucky

My mom owns a home worth approx 190k. She owes 45k on it right now. She would like to transfer ownership to me howeve,r to where my name would be on the deed only. However, the current deed has hers and my dads name on it who passed away 7 years ago. Is there a way for her to transfer ownership to myself? If so, then what happens to her mortgage? I know she would be responsible for it still, but would she have to pay the 45k off in full soon after the transfer or could she continue her normal monthly payments?


Asked on 12/22/11, 5:55 pm

1 Answer from Attorneys
Bryan Gowin Bryan Gowin Attorney at Law

The simple answer is that some form of ownership can be transferred to you and since it would be a transfer to a relative there would be no transfer taxes due. Your mother would probably still need to retain some interest in the home because of the mortgage unless you were able to obtain other financing arrangements with the mortgage company or some third party to pay off the mortgage. Your mother would still have to pay on the mortgage and could make payments in this situation. You need to consult an attorney in person about this situation.

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Answered on 12/27/11, 7:29 am


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