Posted on: 20th May, 2011 10:43 pm
In california.
two people signed over entire interest in quitclaim deed to me for the house. However, they are on the loan documents paying the morgage.
Do i now have the option to sell the house when I want? Is the house mine then?
two people signed over entire interest in quitclaim deed to me for the house. However, they are on the loan documents paying the morgage.
Do i now have the option to sell the house when I want? Is the house mine then?
Hi bl,
As the property deed is in your name, you may have the rights to sell off the property. However, once you sell off the property, the mortgage will become due. Either the new owner will have to refinance the loan or the old owners, who were liable for the mortgage, will have to pay off the loan in full.
Take care.
As the property deed is in your name, you may have the rights to sell off the property. However, once you sell off the property, the mortgage will become due. Either the new owner will have to refinance the loan or the old owners, who were liable for the mortgage, will have to pay off the loan in full.
Take care.
In order to sell the home, the mortgage must be paid in full - otherwise, clear title could never be delivered to a buyer. The new owner would have no way in which to refinance the existing mortgage; he or she would need to go find his or her own new mortgage if one is needed.
The individuals who transferred ownership to you wouldn't need to be the ones paying off that mortgage if you were to sell the home, but your attorney (assuming you retain one) would need to be able to ensure any buyer that title was clear, i.e. that any mortgage in place would be paid in full at the time of the sale, and of course those funds would be coming from the price that your buyer was willing to pay.
The individuals who transferred ownership to you wouldn't need to be the ones paying off that mortgage if you were to sell the home, but your attorney (assuming you retain one) would need to be able to ensure any buyer that title was clear, i.e. that any mortgage in place would be paid in full at the time of the sale, and of course those funds would be coming from the price that your buyer was willing to pay.
