Legal Question in Real Estate Law in Utah

My dad owns two different properties, he has decided to short sale on of the properties and place the other one in my name. The real estate advisor has stated that I would not be held responsible for anything (i.e. mortgage payments, ect) and that it is only a fall back measure in case they try to seize the property where my dad and I currently live at. I am assuming, just like any loan, that that would make me fully liable for everything that has do do with the property including the mortgage payments, so I think she is lying. Since, I dont know much about short sales, what would I be liable for.


Asked on 5/04/10, 11:09 am

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Unless you sign mortgage documents or agree in writing to be liable for debts, you are not at risk. Just transferring the property into your name does not make you liable for the payments.

Read more
Answered on 5/10/10, 6:42 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Utah