'Mooching' tax

[drssg]

My father gave my sister some land many years ago. To my knowledge, she never financially paid him back, and he never wanted it. Mom died young, and my sister was always there for him. They had dinner together 3-4 times a week, and she showed him endless patience and love. When he could no longer physically take care of himself, she found decent people to come to his house and provide care. He was basically bed-ridden for the last eight months of his life, and I know it brought him joy to be with his dog in his house and see his family on a daily basis.

I think the best repayment is to be an advocate for his physical and emotional well-being for the rest of his life.

 

[dave1949]

It's true even if the current property has a lien otherwise land owners could not subdivide their land until they owned it which isn't true.

I never said, nor implied, the OPs father could sell a parcel of land without notifying his mortgage company.

Are you sure that's true? :laughing:

Wouldn't a landowner have to involve a lien holder to transfer ownership of a portion of the mortgaged property? The property that the mortgage was originally granted against is being modified, made less in value.

I think there is normally an implied consent to dispose of property with a lien against it, but obviously that lien has to be satisfied some way or another for the buyer to own it free and clear.

 

[MikePA]

Are you sure that's true? :laughing:

Yes.

Wouldn't a landowner have to involve a lien holder to transfer ownership of a portion of the mortgaged property?

Yes, that's what I said in the last sentence of my previous post.

I think there is normally an implied consent to dispose of property with a lien against it, but obviously that lien has to be satisfied some way or another for the buyer to own it free and clear.

The OP indicated his father was 'deeding' him part of the property, enough to build a house on, not the entire property, hence the need to subdivide it. Depending on the outstanding mortgage amount and the current value of the land, the father might not have any change to the mortgage or he may have to renegotiate it. When I worked for a civil engineer, I was involved in dozens of subdivision plans, from a developer who purchased 100 acres and was building homes on 1 acre lots, putting in roads, sewer lines, water lines, etc., to parents subdividing their property to give their kids a few acres.

 

[Mace Canute]

It's true even if the current property has a lien otherwise land owners could not subdivide their land until they owned it which isn't true.

I never said, nor implied, the OPs father could sell a parcel of land without notifying his mortgage company.

Actually you did imply it when tcreeley said

His mortgage has first lien, regardless of what he deeds you. Get that settled before it comes to an issue, via a real sale/lawyer/ etc........

and you said

This is not true.

'Deeding' it means the OPs father subdivided his property and sold a parcel to his son. The OP owns the parcel, not the father nor the father's mortgage holder.............

If you think the mortgagor has no legal say in it, that would open up the possibility of people mortgaging property and then deeding 99.99% of it to someone clear and free of debt and walking away from the mortgage leaving the mortgagor with the .01% part of the property and whatever part of the original debt that wasn`t paid off.

dave1949 was correct in what he stated.

When you said

When I worked for a civil engineer, I was involved in dozens of subdivision plans, from a developer who purchased 100 acres and was building homes on 1 acre lots, putting in roads, sewer lines, water lines, etc., to parents subdividing their property to give their kids a few acres.

it seems from your previous statements that your involvement wasn`t in the financial side.

 

[MikePA]

You inferred it, I did not imply it.

Subdivision plans includes writing deeds, which includes who the seller is, who the purchaser is, liens, etc.

OP: Many have given you the advice to engage an estate planner. I hope you do.

 

[Mace Canute]

You inferred it, I did not imply it.

Subdivision plans includes writing deeds, which includes who the seller is, who the purchaser is, liens, etc.

OP: Many have given you the advice to engage an estate planner. I hope you do.

:laughing: Yeah, right.

 

[MikePA]

:laughing: Yeah, right.

Good we agree.

Next time, try helping the op instead of starting an argument.

 

[USAFpj]

Thanks again, guys. And even when you gents are arguing, I can see where both are trying to make a point- so that's even invaluable:drink:

I will definitely see an estate planner and get these topics answered. My Dad is also the type that 'his business is his business', but our family on the male side doesn't fare too well after 65 with hear attacks, so I need solid answers as soon as possible.

Speaking of parcels- through time, his acreage has gotten larger due to the addition of (3) tracts that are roughly 40 acres each. If he deeds me just an acre for a house, it would have to be re-surveyed, correct? Seems as if he possibly could be taxed on the transfer as well. Seems to me that Dad could just Quitclaim one of the 40ac tracts that has already been surveyed, and then amend his Will to state where the remainder of his property would go to once he passes.

 

[dave1949]

Thanks again, guys. And even when you gents are arguing, I can see where both are trying to make a point- so that's even invaluable:drink:

I will definitely see an estate planner and get these topics answered. My Dad is also the type that 'his business is his business', but our family on the male side doesn't fare too well after 65 with hear attacks, so I need solid answers as soon as possible.

Speaking of parcels- through time, his acreage has gotten larger due to the addition of (3) tracts that are roughly 40 acres each. If he deeds me just an acre for a house, it would have to be re-surveyed, correct? Seems as if he possibly could be taxed on the transfer as well. Seems to me that Dad could just Quitclaim one of the 40ac tracts that has already been surveyed, and then amend his Will to state where the remainder of his property would go to once he passes.

A Quit Claim to a parcel would certainly work and would be a good question to pose to your father and an estate planner/real estate attorney.

I certainly think knowing what you want is important before engaging a lawyer/planner but the best advice they can give you is how to go about it. So much depends on the details.

 

[Mace Canute]

Good we agree.

Next time, try helping the op instead of starting an argument.

Try posting correct information.