Legal Question in Real Estate Law in North Carolina

Transfer of property from parents

My parents are almost through bankruptcy proceedings. They are also in the home they've been in for many years, but there are three mortgages against it, and the monthly payments are over $2000/month. The property is worth maybe $110k. There may be $10-$15k of equity left in the house.

We'd like to transfer the house to our name, assume a sensibly refinanced mortgage (in exchange for the small bit of equity in the house), and allow them to continue to live there -- but we're not sure of the most efficient way to proceed. Should we be talking to an estate planner? A real estate attorney? A tax attorney? We don't even know where to begin. Any advice would be appreciated.


Asked on 5/30/07, 5:13 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: Transfer of property from parents

First talk with the bankruptcy attorney. Then find an experienced real estate practitioner and go from there. Make sure to tell him all your concerns - not just that you want to transfer property from parents to you. Your parents are actually the ones who will need to contact the attorney as they will be the client. You may want to look for someone who is a board certified real property practitioner in this case.

It may be that a couple of attorneys may have to work in conjunction or at least seek the advice of another attorney.

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Answered on 5/30/07, 5:33 pm


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