Legal Question in Real Estate Law in Virginia

real estate

I have three questions:

1.) When I purchased my new home in Virginia, my credit was not the best. My parents got the loan for me. To do that, they have their name on my deed as co-owners. What do I do to have their name removed from my deed now that I have re-paid them?

2.) I have a home in NC that is on the market. It has over two acres of land. What do I do to divide the land into two lots, one containing the house and one empty so that I can market them separately?

3.) My parents have a lot in Virginia that they would like to sell below market value to a brother of my mothers. Is this possible as they are nearing the end of their lives at 88 and 89 or would the law look at it as giving the land to my mom's baby brother?


Asked on 6/23/09, 2:51 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: real estate

1. You cannot unilaterally remove the names of your parents from the deed without their agreement and signatures on the required document(s).

2. For this question you should consult a N. Carolina attorney who handles real property/land use matters in the city or county where this property is located.

3. Probably depends upon how far below the market value it is sold for to your uncle and whether IRS rules would be likely to construe the transaction as a gift rather than a purchase for value. (If the former, there could be capital gains tax consequences for mother's brother.)

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Answered on 6/26/09, 12:31 am


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