Posted on: 05th Sep, 2006 02:49 pm
I would like to buy 1/2 of my brother\'s current house so we can rent it out and co-own as he moves out into a new home. The cost would be 1/2 of his current equity. If we do a quick claim to add me to the deed are we set? Any holes in this plan? We\'d like to keep the existing loan because it\'s locked in at 5.8%.
Hi,
By way of quit claim there will be a change in the ownership and as the loan is in your brother's name might make the loan due and payable but lenders often agree to any arrangement which assures them that their due payments will remain regular.
Thanks
By way of quit claim there will be a change in the ownership and as the loan is in your brother's name might make the loan due and payable but lenders often agree to any arrangement which assures them that their due payments will remain regular.
Thanks
Hi,
One option would be Ordinary Assumption in which you will be responsible for making the payments after notifying the lender and also the rate will not change.
One option would be Ordinary Assumption in which you will be responsible for making the payments after notifying the lender and also the rate will not change.
Hi,
One thing that needs to be confirmed is that whether the loan is assumable or not.
For that you should contact the lender and enquire about the conditions under which it will be assumable.
Thanks
Clark
One thing that needs to be confirmed is that whether the loan is assumable or not.
For that you should contact the lender and enquire about the conditions under which it will be assumable.
Thanks
Clark
Hi Guest,
The best deed for buying the property and co-owning it is a warranty deed which guarantees the transfer of the title. The deed also gurantees that there are no liens on the house.
While you buy and then rent it out, do inform the lender about your plans. He may have objections regarding the renting.
Regards,
Jessica.
The best deed for buying the property and co-owning it is a warranty deed which guarantees the transfer of the title. The deed also gurantees that there are no liens on the house.
While you buy and then rent it out, do inform the lender about your plans. He may have objections regarding the renting.
Regards,
Jessica.
