You will need to decide what to do with your real property if you are deported. You must carefully consider:
- what the law and any loan or mortgage documents (if applicable) require,
- if there are taxes or other financial concerns related to the property, and
- what would be the best decision for you and your family.
Keeping Your Property
You can retain ownership of your real property even if you are deported. However, if you are deported, you should make arrangements for the property to be managed and you must make sure that all loans, taxes and other expenses related to your property are paid. If possible, it may be a good idea to designate a person who you trust to live on the property and make any necessary payments owed for the property. In some areas, a real estate broker may be able to coordinate management (or rental of) the property. This is also a good way to protect your property against trespassers.
If there is a co-owner, you should talk to the co-owner before making any decision regarding the property. If the co-owner is not at risk of deportation, you may consider having them manage the property and be responsible for making any payments related to the property in your absence.
Selling or Gifting Your Property
If you cannot or don’t want to retain ownership, you can sell or gift the property to a co-owner or someone else.
With respect to these options, if you borrowed money through a loan to purchase your property and there is a mortgage (or deed of trust) on the property, the lender must be consulted on all actions and transfers. In almost all circumstances the lender must consent to any transfers. See section below on loans and mortgages.
A sale or gift of the property or your interest in the property may result in taxes that must be paid by sellers and by givers and receivers of gifts. A professional tax advisor should be consulted in advance so that you know which method of transfer is more beneficial to you and the receiver of a gift.
Limited Power of Attorney
In either case, if time is an issue (and even if it is not), it may be necessary or desirable to prepare a limited power of attorney giving a trusted person (such as a co-owner, attorney, realtor or other) authority to sell the real property or otherwise work with lenders and manage the property. An attorney or realtor should be consulted in preparing a power of attorney to make sure it complies with state requirements and is limited to only the authority needed to transfer the real property, work with lenders and/or manage the property. See Chapter 9 on Powers of Attorney for more details.