You can sell your property at anytime with a 5 year fixed mortgage. When you sell and buy another property you can port your mortgage from the previous home to the new one. This is a simple process and has no penalties in doing so.

I have a mortgage and sell my home. I plan on buying another home but I haven`t found one in time. do I have to pay a penalty to close out the mortgage or can I put a mortgage on hold?

Yes you can sell and transfer your mortgage to another property. This is called "Mortgage Porting". Make sure you speak to the bank rep first to show the offer of the property to make sure the bank doesn`t have any issues with the new home.

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My in-laws (soon to be 70 y/o each) want to add 1 of thier 7 children to thier house deed in order for it to stay in the family & not be sold away at thier death. is it as simple as going downtown & adding them on? or should they put it in a will what they want (if so, will the property transfer that way)? are there any tax implications to doing it either way? is one way better than the other? why/why not? is there a different & better way than those options? info: 1 mortgage for $100k left (with only the inlaws on it). in washington, dc. been in house for 30 yrs. will most likely keep house for either principle resident or rental. the child currently rents, will they have to buy from estate? la roche: great insite, thanks. the other 6 are fine with it. believe it or not, we are not a squabling family like many others. we understand the reason & purpose & dont oppose any actions because all are informed beforehand & respect the decision (but your point is completely understood!). we know that some would sell it right away for the $ & then blow it! others are not responsible enough to take care of it. she is married (20yrs) & he is trustworthy. no legal issues that we know, but probably not. as far as rental, if it comes to that point we would all come to an agreement & would abide (but i would get all that in a contract if needed)

You really should contact a lawyer to handle this for you, and here's why: 1. If the intent is for the property to stay in the family, your inlaws should establish a living trust. In the event of their death, there's no probate; the successor trustee (named by your inlaws in their trust) handles the business of the trust upon their death. The trust agreement can handle a number of issues concerning the dispositon of not only the property, but other assets (bank accounts, etc.) 2. If only one child is added to the property, then only that child will be on title. What will the other six have to say about that? 3. Depending upon the marriage laws where you live, if the property is deeded to the child, and that child is married, the spouse may have a community property interest and be entitled to half of the property. 4. The child who they add to the deed may have other problems that your inlaws don't know about. If he / she has judgments, federal or state income taxes due or is currently in some sort of litigation, those issues attach to the property. Your inlaws need to think beyond keeping the house in the family. If the property is rented to a non-family member, will the entire family benefit from the rents? Who will be in charge of physical maintenance of the property? Are all the children equally responsible? Without there being anything in writing, the child that is deeded the property could simply sell it and keep all the proceeds. Your inlaws need to have a discussion with their attorney and tax accountant. I can't tell you what's the best situation for you, but I can definitely tell you what happens when you don't get professional advice. Your inlaws need to be very clear on what their intentions are, then take the steps to insure their intentions are met upon their death. The one thing I can tell you, with absolute certainty, is that you absolutely should not have any deeds recorded until you've consulted with your attorney and accountant. You are fortunate that you're family members are all of the same accord. But my main concern is that your in-laws accomplish what they intend, which is keeping the house in the family. You should have them go to an attorney and CPA, then get everything in writing. If everyone gets along as you say, then they should all be cool with this. The real benefit of getting legal and tax advice is knowing that their wishes are being carried out, and they'll be able to find things that may have been missed or not considered. Otherwise, all their great plans could fall apart. I think a revocable trust would be the way for them to go, but take an attorneys word, not mine. And, to save you time and money, be very clear on what it is you're trying to accomplish so you'll give them a road map to accomplish their goals. I recommend going to MSN.COM and looking under their money section. They have all kinds of information about estate planning...it would be a good starting point. Good luck!

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Purpose: to convey or transfer title to a freehold interest in real property. recording requirements: 1. name(s) of the grantor(s) (seller). (n.j.s.a. 46: 46:15-1.1) 2. name(s) of the grantee(s) (buyer). (n.j.s.a. 46:15-1.1) 3. complete mailing address of the grantee, including zip code. (n.j.s.a 54:4-32) 4. date of deed. (n.j.s.a. 46:19-3) 5. the amount of consideration must be clearly stated in the body of the deed, acknowledgment, or affidavit of consideration (if necessary), plus the balance of any assumed mortgage. (n.j.s.a. 46:15-5) 6. new jersey realty transfer tax is due. new jersey realty transfer tax rates effective 8/1/2004 consideration amount rate per 500 of consideration rate per 1000 of consideration standard & new construction up to 350,000 1st 150,000 2.00 4.00 150,000.01-200,000 3.35 6.70 200,000.01 + 3.90 7.80 standard & new construction over 350,000 1st 150,000 2.90 5.80 150,000.01-200,000 4.25 8.50 200,000.01-550.000 4.80 9.60 550,000.01-850,000 5.30 10.60 850.000.01-1m 5.80 11.60 1,000,000.01 + 6.05 12.10 partial exemption up to 350,000 senior citizen, blind, disabled, low & moderate income housing 1st 150,000 0.50 1.00 150,000.01 + 1.25 2.50 partial exemption over 350.000 senior citizen, blind, disabled, low & moderate income housing 1st 150,000 1.40 2.80 150,000.01-550,000 2.15 4.30 550,000.01-850,000 2.65 5.30 850,000.01-1m 3.15 6.30 1,000,000.01 + 3.40 6.80 there is an additional fee for grantees of properties which transfer for more than $1,000,000. the fee is 1% of the entire consideration. for more information go to http://www.state.nj.us/treasury/tax ation/ an affidavit of consideration (rtf-1) is required for exemption or partial exemption from new jersey realty transfer tax. an affidavit of consideration (rtf-1) is now required to be affixed to and recorded with all deeds transferring "new construction" in addition to the existing claims for a partial exemption. "new construction" must now be printed clearly in upper case lettering on the top of the first page of deeds transferring new construction as well as on the affidavit of consideration. a duplicate copy of any affidavit of consideration is required at the time the deed is presented to the county clerk for recording; the duplicate can be a photostatic copy. a separate affidavit of consideration (rtf-1ee) is required for transfers over $1 million. for printable forms go to http://www.state.nj.us/treasury/tax ation/ 7. name of municipality with the block and lot number from the current tax map. (n.j.s.a. 46:15-1.1) 8. signature(s) of grantor(s). (n.j.s.a. 46:15-1.1(2)). 9. name(s) of grantor(s) must appear typed or printed beneath signature(s). (n.j.s.a. 46:15-1.1(4)). 10. grantor(s) signature(s) must be fully acknowledged by a notary public or other officer authorized by law to take oaths. acknowledgment must include the name of the state and county where the acknowledgment is taken, full date, name(s) of the person(s) signing the deed. if the grantor is a corporation or other entity there must be a statement that the maker was authorized to execute the instrument on behalf of the entity and that the maker executed the instrument as the act of the entity. notary or other officer taking the acknowledgment must sign the acknowledgment and print his/her name and title. (n.j.s.a. 46:15-1.1(3), n.j.s.a. 46:14-2.1). 11. printed name and signature of preparer must appear on the first page. (n.j.s.a. 46:15-1.1(6)). 12. record and return information on document. (n.j.s.a. 46:19-5). 13. effective 8/1/2004 chapter 55, p.l. 2004 now requires nonresident individuals, estates or trusts that sell or transfer real property in new jersey to make an estimated gross income tax payment prior to the recording of the deed. each deed requires one or more of three gross income tax forms (git/rep-1, git/rep-2 and/or git/rep-3) for information call (609)292-6400. for forms go to http://www.state.nj.us/treasury/tax ation/ fee: regular fees - $30.00 for the 1st page plus $10.00 for each printed page after, affidavit of consideration is $10.00, each git form submitted is $10.00, plus $10.00 tax abstract fee, per municipality. comment: if consideration is less than $100.00, an affidavit of consideration is required or payment of $2.00 tax. make checks payable to cape may county clerk and deliver document and fees to 7 n. main street dn 109 po box 5000 cape may court house nj 08210-5000

So what is your question? Is this legal? or Is this required? What is it that you are asking? All this information is needed to determine WHO the property is going to, WHO is giving it, WHY it is being given, HOW MUCH the transfer tax is, and IF it is a legal transaction.