Medlin & Medlin, PA
Attorney at Law
(704) 786-8173
Concord, NC 

Return to Business Contract Video List

 

 

 

 

 

 

BAD LEGAL ADVICE

MAJOR MAGAZINE

Let me caution you about the legal advice in a major financial magazine, MONEY magazine.

In the June, 2014 edition, “Ask the expert” column, the question was “is a lawyer needed to give a house away?”

The answer was NO, that a form deed would work just fine and no lawyer needed.

This advice is very incomplete and financially dangerous.

To start off, local law was not considered.

Second, shortly after that gift deed is recorded, the mortgage lender will come calling asking for full and immediate payment of the loan.

The deed will trigger the “due on sale” clause in the mortgage making the entire note amount accelerate.

Surprise! Surprise!

Inexpensive legal forms can be one of the most expensive purchases of your whole life.

Don’t get your legal advice from a magazine called MONEY.

Get your legal advice from a magazine call LAWYER.

By the way, I am one.

In nearly 40 years of law practice, I have prepared hundreds of deeds and advised on thousands of real estate matters

Real estate transactions are complicated.

My job is to take care of my clients.

Call me.