Is there a document to accomplish saying that I’ll get the property should my brother pass away because of the loan I gave him? 23 Answers as of March 04, 2014

I loaned my brother money for a down payment on a home. We agree that upon his passing the property should go to me or my survivors.

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Law Office of Jeffrey T. Reed | Jeffrey T. Reed
You might consider putting the property in a trust with you and your brother as co-trustees. If he is married or gets married in the future you need to make sure his wife understands what is going on.
Answer Applies to: California
Replied: 3/4/2014
O'Keefe Legal Services, L.L.C.
O'Keefe Legal Services, L.L.C. | Sean P. O'Keefe
In Maryland, this type of transaction is often put into writing and recorded in the land records as a mortgage/loan/note/deed of trust.
Answer Applies to: Maryland
Replied: 3/4/2014
Law Ofices of Edwin K. Niles | Edwin K. Niles
You have several choices.
1. Have him sign a promissory note and deed of trust.
2. Have him add you to title as a joint tenant.
3. Have him sign a will in your favor (not advised as it is too easy to change the will).
Answer Applies to: California
Replied: 3/4/2014
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
I could certainly prepare documents to accomplish this. I assume from your question that you don't have such documents now.
Answer Applies to: California
Replied: 3/4/2014
Sebby Law Office
Sebby Law Office | Jayne Sebby
The terms of this agreement should be in writing and signed by both of you. FYI: I would discourage my clients from making this kind of a deal. Potentially, you could prevent your brother from selling the house and he could leave you with a property that you don't want at the time of his death. It would also leave his spouse and children homeless.
Answer Applies to: Nebraska
Replied: 3/4/2014
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    You would have the right to foreclose, but I suppose the best way to do it would be for brother to deed the property to himself with a life estate and the remainder to you. But what if he pays the loan off and pays you off? Does he have any other heirs besides you? Sons? Daughters? I believe that there are a number of questions that need to be answered, so I suggest the two of you go to a local real estate attorney who can ask the questions and give you good advice.
    Answer Applies to: Idaho
    Replied: 3/4/2014
    James T. Weiner & Associates, P.C.
    James T. Weiner & Associates, P.C. | James T. Weiner
    Yes there is but it has to be recorded against the deed its a private mortgage. Contact an attorney.
    Answer Applies to: Michigan
    Replied: 3/3/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Your brother should set up a trust reflecting your arrangement and then deed the property to the trust.
    Answer Applies to: California
    Replied: 3/4/2014
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    There is a "transfer on death" deed; it's not ideal but you could use one. You should also have a written promissory note and a trust deed on the property. Or, your brother could do a will specifically devising the property to you.
    Answer Applies to: Oregon
    Replied: 3/3/2014
    Frederick & Frederick PLC | James P Frederick
    There are a number of ways of handling this, but it should be done in writing and as soon as possible. I would suggest you contact an attorney to make sure this is drawn up properly.
    Answer Applies to: Michigan
    Replied: 3/4/2014
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Suggest you obtain the services of a real estate attorney to prepare the correct document to secure your loan. Brother could give back a promissory note and a deed of trust for the sums loaned showing the fact you loaned the money and the money is secured by a lien upon the land.
    Answer Applies to: California
    Replied: 3/4/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    You really should address it with an attorney who understands the entire transaction. Maybe deed where he retains a life estate? Without all the details, it is difficult to guess.
    Answer Applies to: Nevada
    Replied: 3/4/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    You will need a document to support that agreement.
    Answer Applies to: Michigan
    Replied: 3/4/2014
    Kirby G. Moss PC | Kirby G. Moss
    Do a deed where he quitclaims to you and he jointly with rights of survivorship. Get a lawyer to make sure done correctly.
    Answer Applies to: Indiana
    Replied: 3/4/2014
    Gates' Law, PLLC | Thomas E. Gates
    He needs to make a will.
    Answer Applies to: Washington
    Replied: 3/4/2014
    Law Office of Patricia A. Simmons
    Law Office of Patricia A. Simmons | Patrica A Simmons
    If that is your brother's wish, he should have a will or living trust drawn up specifying his wishes.
    Answer Applies to: California
    Replied: 3/4/2014
    Neal M. Rimer, Esquire
    Neal M. Rimer, Esquire | Neal M. Rimer
    A Will can accomplish a transfer on death to you. But, be aware that a Will can be changed at any time while the testator is competent and before his death. There are other methods that could be used, including trusts.
    Answer Applies to: California
    Replied: 3/4/2014
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    You could record a mortgage to secure your loan from third party creditors. Illinois allows a Transfer on Death Instrument which will transfer the property to the named individual on the death of the owner, but this does not protect your interest in the event of third party creditors or from transfer by your brother during his life. You could be made a joint tenant with rights of survivorship by recording a new deed. In this case the property could not be transferred without your consent and it would be owned by the survivor of you and your brother but if you passed away first your descendants would not receive the any interest.
    Answer Applies to: Illinois
    Replied: 3/3/2014
    Charles M. Schiff, Attorney at Law
    Charles M. Schiff, Attorney at Law | Charles M. Schiff
    Your brother can give you a mortgage against the property to secure your loan to him. This would mean that you have a lien against the property, not actual title to the property. It could not be sold to a third party without satisfying your lien. Alternatively, your brother could give you a "Transfer on Death Deed" that conveyed the property to you upon his death. This may not be effective against spousal rights should your brother be married at the time of his death.
    Answer Applies to: Minnesota
    Replied: 3/4/2014
    Martin Barnes - Attorney at Law
    Martin Barnes - Attorney at Law | Martin Barnes
    Good question. My suggestion is to make sure three documents are aligned with the same stated intention (the property will pass to you on your brother's death): 1. The loan agreement that you and your brother executed (or should have) at the time the loan was made. 2. The title of the property should establish your rights of survivorship. 3. Your brother's will. These are all documents that your brother will have to execute (the loan agreement will be signed by both you and your brother). An Indiana attorney can prepare the documents on behalf of your brother and yourself. However, if there is a mortgage, there is another party with an interest in the property as well. You may want to encourage your brother to take out a life insurance policy that could be used to pay off the mortgage (and any other debts/liens that could result in a claim against the property) should your brother pass before the mortgage is paid off.
    Answer Applies to: Indiana
    Replied: 3/4/2014
    James Law Group
    James Law Group | Christine James
    Your brother needs to make out a living trust spelling that out.
    Answer Applies to: California
    Replied: 3/4/2014
    Eve Oldenkamp, Attorney at Law, P.C. | Eve Oldenkamp
    Yup, simply put it in his will. Otherwise, you can attach a document to the title of the property.
    Answer Applies to: Oregon
    Replied: 3/4/2014
    Attorney At Law | James G. Maguire
    He should write a will, leaving the property to you as repayment for the debt.
    Answer Applies to: Louisiana
    Replied: 3/3/2014
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