Deed of Trust

Archive for the ‘Deed of Trust Basics’ Category

Question: How do I document a loan made by me to my Mother to assist her in buying a property.?

I wish to lend my mother c£20,000 to assist with a property costing £275,000. I wish it to be secured by a mortgage on the property, not because I don't trust my mother, but so that on death (she is 77) the mortgage will be repaid from the estate and that share of the house will not become part of the Inheritance Tax trap.
I would prefer not to involve a solicitor in drawing up the mortgage deed and would happily use a form available over the internet, if such a thing exists. My aversion to using a solicitor stems from the fact that it will have to be independent of the solicitor she is using for her sale and purchase and just adds to the already considerable costs of the move.
How do I go about registering the charge and does this have to be done at the time the money is lent? That is on purchase.
If I cannot resolve this then I will lend the money unsecured but envisage problems with the tax authorities when I reduce the value of the estate by £20,000 +interest.
Many thanks.

Answer: I am in the U.S., so I am not familiar with procedures there. However, I know that where I live, some city, county and state officials do not recognize some forms purchased from the internet. They often have certain requirements that most online forms do not fulfill. If you go the online route, check with the appropriate officials to make sure that the form you use will be recognized.

Personally, I would use a solicitor. Yes, the fees are a pain, but better a small pain now than a big pain later. Besides, that type of thing is pretty inexpensive here. My in-laws loaned us the cash to purchase our house outright from the mortgage company. I believe the lawyer costs were about $500.00 and the paperwork took less than 30 mins. The lawyer also added in some terms and conditions that the available, recognized online forms did not mention. It gave us protection in case of the death of one or both my husbands parents. The lawyer also thought of things that we missed to help protect the parents, like adding a clause to make sure we keep the property insured. Touches like that make a lawyer very much worth the expense.

Avoiding GST on Family Trust transfers

Question: I need a copy of Deed of Trust in HINDI or GUJARATI?

I am searching for the model copy of the Deed of Trust in Hindi or Gujarati. I tried to search on google and yahoo but didnt find any proper source.

Answer: I'd contact the Indian embassy. Nothing seems to be available on the web

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Question: average cost of a lawyer when suing someone?

Breaching an real estate Trust Deed note.

Answer: It would be nice to know what state you are in. I you meant a "contract for deed" note (aka mortgage). I don't know any attorneys that take a contract case on a percentage basis (except perhaps some million dollar slam dunk) I was alarmed at the poster that things a percentage goes to the court (not in the US, ever). The standard "no win , no pay) contingency contracts with attorneys are usually only involve Tort cases. Lawyers charge anywhere from $75.00 to $300.00 an hour. Without knowing the details and average real estate contract case involving a normal residence, would require a retainer of $5000. to $10,000. Most bill in 15 minute increments for everything even mailing things and phone calls. You didn't include enough details to respond further. I also was confused by the 3% explanation from Connecticut. In my jurisdiction there is no limits to the expenses (outside of normal office practice ) necessary to bring the case as long as the client approves the expense because the client must pay that separate from the attorney fees.

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