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.

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Hi, my brother is working in a private firm where there is no pf and other benefits. so i bought a flat in channai through home loan and he is paying monthly emi. now he is eligible for the loan and i want to transfer the property to him so that i will be more eligible for other loans. i would like to transfer the flat and home loan to him. i feel the gift deed kind of transfer will cost me less on stamp duty and also on income tax on my side. but bank doesn't agree to this and they said transfer to brother can't be done. they say i should sell the flat minimum on the guidline value to my brother and my brother should apply for another loan to settle my loan and buy this. also i need to pay stamp duty as per the guidlines value. any help on this. pls give ur contact number if you are open for direct consultation. thanks in advance.

You repay the loan from some source by temperory finance to the Bank and have the flat released from all legalities. Gift the flat to your brother and he should have it tranfered in his name and with the society and the Share certificate. On that security he should apply for loan from a Bank preferably where he has an account. Finance against Fixed asset ( flat ) is being considered by Bank. Valuation report of the flat will have to be furnished from a recognised Valuer. Arrange from him to pay you the balance amount of Loan you had paid to the Bank in order to release the security.

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My parents had 2 properties, one of which was transferred to me and my sister (joint ownership), to avoid any taxes. now both me and my sister are in the process of buying our own properties and we are hoping to transfer the ownership of the property we already hold to someone else (i.e. to my brother). is it easy to just transfer the ownership or do we have to pay any taxes (in a case where any transfer of ownership is considered a sale by the government and assigned a monetary value)? any tips on ways to achieve the above without any tax implication will be appreciated...

With a Gift Deed, the exchange of money or consideration is generally referred to as "love and affection", which means the property is transferred without payment of money. Gift deeds are generally used to transfer title among people who are related to each other. Gifts of real estate potentially allow for double tax savings. First of all, you will receive an income tax deduction for the full value of the property. Also, there will be no capital gains tax because the property was given, not sold. Additionally, if the property has not been producing income rather incurring expenses, your current income is not adversely affected. Just double check with the IRS regarding tax liability on either party to double check, what the current rules/regulations are on the amount of a Gift that is not subject to tax. Best wishes.

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My husband inherited a duplex and a separate piece of property with his 3 brothers. the property is not used as a rental or anything but their mother, great aunt (who is 80 and pays all of the bills) and two of the brothers live there off and on. my husband is the only responsible on in the whole family. we are one of the few lucky people out there who have virtually no debt. the only thing that we are making payments on is our house. we don't have a lot of money we are just careful with what we have. we live by the principle of if we don't have the cash for it we don't need it. last year when the taxes and insurance were due on everything thing were messy because the stuff was just being transferred over and there were going to be different amounts due so my husband and i just paid it all and sent a letter to the brothers telling then what it was and how much was their share. we also gave them a breakdown of what they needed to save each month for the following year. the youngest brother (21) was the only one who even responded to the letter. he told us that financially he just could not afford it right now (he just got married) but when he got his income tax return he would pay us. the next oldest brother (22) has no job, dropped out of h.s and all he does is sleep till 3pm, drink and get high. he refuses to pay any of it. the brother that is closest in age to my husband(28) is 25 and got out of the navy last year. he refuses to pay, saying that he doesn't have the money while going out and buying a $13,000 motorcycle when he has a negative balance in his checking account. we are really annoyed that we are expected to pay for everything just because we are not in debt like they are and my husband has a good job. (my husband has been with the same co since he was 19. almost 10 years.) we feel like it is not our fault that they are to lazy to go and get a job, and every time something come up the act like we are their bank. we want to know it there is a way to either make them pay, or force them to sign over their share. we can't do anything right now because the aunt still lives there and we don't want to upset her, but we want to make sure that there is nothing that we should be doing in the mean time until she passes away. i forgot to mention that there is no way that we can rent out even one side of the duplex. the place is falling apart and should probably be condemned.

Something is bothering me... You said your husband inherited the duplex. Does that mean the house is now legally in his name? Or did he just inherited a piece of it (i.e. he owns it with a bunch of other people, i.e. his brothers and whoever)? If he owns it outright, then the problem is, how far are you willing to go? Because if he owns it outright, and everybody is NOT PAYING, then perhaps it's time to start eviction notices to anyone who you don't want staying there, else have the cops come to kick them out for trespassing. File your ownership papers with the cops so they know you actually own the place and you want everybody else (maybe except the aunt, but your choice) gone. Then perhaps they will see that you're serious about them paying a decent rent. If you're not willing to go that far, then perhaps it's time to sell the property and let someone else take the headache. If your husband only owns a piece of it, then my recommendation would be to sell that piece to the other family members, or if you want to get rid of it fast, just file a "quit claim", i.e. you are giving up on it, NO MONEY. They can have it. Then let's see them pay the utilities. Of course, either way, you'll lose friendship with the family, but who wants deadbeat relatives like that? :D --- Kasey C, PC guru since Apple II days Error, no keyboard - press F1 to continue.

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Hello, my single brother died over a year ago with out leaving a will.his house which is fully paid for as now been transferred into 50%my name and 50% my other brother because he had no other family. i was to buy my other brother out of his 50% share to which he agreed,but now his marriage as fell apart and he as moved into the house before the paper work was sorted and as now told me that he wants to buy my half, but to be honest i do not think he will get the money to buy me out,because he has a family to support and a large mortgage and had some difficulty keeping on top of his mortgage in the past. what are my options if he does not pay me the 50%.can i make him sell? will i also be liable for any bills,such as electric,gas,water,and house tax ect even though i do not live in the flat. thanks for any info on this

Yes you can make him sell - you will need a solicitor You would be partially liable for council tax if no one lived there after six months. You are not liable for the other bills. You do need insurance for half the value of the house in the meantime

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-in 1952, bill and helen bought a house, owning it "tenants by the entirety", which is now known as "joint tenants with right of survivorship" -they had no children -bill died in 1954 without a will, leaving the house to helen. -helen was determined 100% disabled in 1959 due to early onset of alzheimers -from 1959 to 1964, helen's brother-in-law did a bad job of taking care of her. -in 1964, a family court/probate judge was asked to appoint helen a "conservator", he appointed her sister grace. -grace moved into the house with helen, cared for her and managed helen's finances. -in 1968, grace's only child jane, divorced and moved in, with her two children, to grace and helen's home. -in 1985 grace became ill, helen's brother-in-law petitioned the probate court to become trustee of the conservatorship for helen, the court granted his request. -in 1986, grace died. she had no assets, no will, and no probate process was followed. -3 months later, the brother-in-law died leaving no children, no assets, and no probate proceedings followed. -in 1987, helen, the rightful owner of the house, died. once again, no will, no assets outside the house, and no probate was initiated. grace's daughter jane buried helen, and then stayed in the house since there was no one to claim it. -in 2005, jane remarried to jim. one of her children got married and moved away, the other stayed in the house since 1968 and he has been paying re taxes and all utilities since 1990. -last week jane died, no assets, no will, probate is pending. -jim, jane's second husband, and jane's son tom, are left in the home today. -the registry of deeds has no record of transfer of ownership since the original purchase in 1952. -the local municipality still sends bills addressed to the brother-in-law as trustee of the grace conservatorship for helen. since 1952, this home has appreciated to be worth over $600k today. my best guess is that the trail of ownership goes from helen...to her closest blood relative grace who predeceased helen which bumps ownership to grace's issue, or child, in this case jane. since jane just passed, her right to the property, if any, goes to her still living husband. this is in massachusetts. who do you think owns this house? thanks landlord, grace and helen did have a bachelor brother who passed long ago, no children. there are no other known blood relatives to helen that we know about.

It is hard to tell because we do not know if there are other relatives. If Helen had more then one sibling at the time of her death, all the rest of this would not matter. I am in agreement with you, the entire ownership, assuming there are no unmentioned relatives, would go to Jim. However, the unnamed child that has been paying the taxes **might** be able to claim adverse possession and gain ownership. This is also assuming Grace, Helen and Jane had no unpaid debts, those all have to be paid before the house belongs to anyone.