Q: Parents bought a home in1972 and lived in it 22 years! Me, the oldest son was their caretaker. Parents died, and I probated filed. I have short certificates. What deed do I use to change names? There is a mortgage, I want to refinance.
A: A deed coming from an estate is normally a fiduciary deed. If there is a mortgagee, you need to notify the mortgagee to see if they approve of a new deed. Some mortgage agreements contain a due-on-sale clause which allows the mortgagee to foreclose if there is new deed filed. It may not be wise to change title on the home if you are going to sell it as there might be capital gain. You also have inheritance tax issues to address. The estate may have other creditors beside the mortgagee. You should be doing this through an attorney.