Legal Question in Real Estate Law in Virginia

Re: Transfer of Name

A couple of considerations: was the property used as a collateral for a loan? is the lien still open?... in other words... is the loan paid off? Also, was your friend a co-borrower on that loan? if there is still a loan and if your friend was a co-borrower, then you should notify the lender that you would like a change in ownership. Most lenders would allow you to do so if you have had a long record of payments (years) coming only from you and NOT YOUR FRIEND. if this particular lender does not allow you to delete her from title and add your sister, then you would need to refinance and change the deed at the same time. if the lender instead has no objections, then you could use the services of a title company rather than a law firm: much much much cheaper. (either a deed of gift or a quit claim deed would serve your purpose). if you have no outstanding liens (i.e. no loans) then all you would need to do is execute a deed of gift or quit claim deed.

Sincerely,

Tiziana Ventimiglia

Re: Transfer of Name

You have not clarified whether you co-own the timeshare(assuming that's what it is)outright

with your best friend or whether there's still an outstanding note on the timeshare. If that's the case, the holder of the note may not be willing to allow your sister to be substituted for your best friend.

However, if that is not the case and the timeshare is fully paid for, then your best friend should be able to utilize the appropriate quitclaim deed form to convey her interest in the resort to your sister.