Posted on: 09th Feb, 2010 06:52 pm
We are trying to buy another house but the buy and bailout fear won't let us. We have no intentions of bailing because this will be our retirement home. So if it was possible we would give the deed to a relative so we could buy the other house.
Hi damien,
It is possible to transfer the property title to your relative. You can sign a quit claim deed and give away the title to the property to whoever you want. However, once you sign the deed, you cannot get the ownership back unless your relative signs it back to you. But you will still remain responsible for the mortgage on the transferred property until your relative refinances the loan.
It is possible to transfer the property title to your relative. You can sign a quit claim deed and give away the title to the property to whoever you want. However, once you sign the deed, you cannot get the ownership back unless your relative signs it back to you. But you will still remain responsible for the mortgage on the transferred property until your relative refinances the loan.