QUOTE(looprevil @ Mar 31 2011, 02:01 PM)
hi good day, i have some questions on the property ownership transfer procedure. In my case, my parents had a house which is under both me & my sister's name. Recently, my parents decided to buy a new house to put under my sister's name, and the current house transfer to my name. But after contacted the lawyer via phone, he told us that this direct property ownership transfer for this current house cannot be done, unless the current house installment is fully paid or we sell the house.
The lawyer ask us to arrange an appointment with him for more details.
need some guidance and advice from professions here, is that really we cannot direct transfer the property ownership?
my thanks in advance
HI.. since your current house is still financed to a financial inst. or Bank the only way to transfer your sis' 1/2 share to you is to ask your Bank for a consent to transfer subject to the existing charge. Most banks agree, just need to ask.need some guidance and advice from professions here, is that really we cannot direct transfer the property ownership?
my thanks in advance
If not then you would have to settle your loan, transfer and refinance all at them same time. Basically, worst case is refinance your property, which may be a good thing if your current interest rates are crap!
Good luck
Mar 31 2011, 02:15 PM

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