Posted on: 06th Sep, 2006 09:08 am
hi, question if anyone knows the way this works, here's the scenario. my brother and his wife own a house and have a mortgage on it. i want to get my name on the title so i can refinance the house in my name. now what i need to know is, which is the way you have to do this?
1. can they just transfer the property from their names to only mine and then i refinance?
2. or do i have to use the quitclaim to add me to the title (all 3 of us would be on there), then i refinance the mortgage in my name, then do another quitclaim taking them off the title?
any help here would be greatly appreciated. i'd really like to avoid going to a lawyer for this as it seems quitclaims should be able to be done on your own. thanks.
1. can they just transfer the property from their names to only mine and then i refinance?
2. or do i have to use the quitclaim to add me to the title (all 3 of us would be on there), then i refinance the mortgage in my name, then do another quitclaim taking them off the title?
any help here would be greatly appreciated. i'd really like to avoid going to a lawyer for this as it seems quitclaims should be able to be done on your own. thanks.
Hi,
The first option you have mentioned is much simpler.
Your brother and his wife can quit claim to transfer the interest in the house in your name and after that the mortgage can be refinanced to be in your name.
Bach
The first option you have mentioned is much simpler.
Your brother and his wife can quit claim to transfer the interest in the house in your name and after that the mortgage can be refinanced to be in your name.
Bach
hi chad,
by quit claim deed the interest in the property will get transferred in your name but to make the quit claim deed valid and effective you should have the deed prepared by an attorney and get it notarized and stamped by a notary public.
after that the deed should be recorded at the county recorder's office. this way the property will get properly transferred in your name and you can contact the lender and proceed to have the mortgage refinanced.
thanks
colin
by quit claim deed the interest in the property will get transferred in your name but to make the quit claim deed valid and effective you should have the deed prepared by an attorney and get it notarized and stamped by a notary public.
after that the deed should be recorded at the county recorder's office. this way the property will get properly transferred in your name and you can contact the lender and proceed to have the mortgage refinanced.
thanks
colin
Hi Guest,
Welcome to the forums.
"Can they just transfer the property from their names to only mine and then I refinance?"
You can try out the first option where your brother and his wife can transfer the property to you and then you can refinance.
"Or do I have to use the quitclaim to add me to the title (all 3 of us would be on there), then I refinance the mortgage in my name, then do another quitclaim taking them off the title? "
This can also be done but here you do quit claim twice. Why go for it when you have an easy way out like the first option? But whichever option you try out, you need to make sure that your brother is willing to leave the property to you. Without them signing the legal papers, you cannot refinance.
Thanks,
Caron.
Welcome to the forums.
"Can they just transfer the property from their names to only mine and then I refinance?"
You can try out the first option where your brother and his wife can transfer the property to you and then you can refinance.
"Or do I have to use the quitclaim to add me to the title (all 3 of us would be on there), then I refinance the mortgage in my name, then do another quitclaim taking them off the title? "
This can also be done but here you do quit claim twice. Why go for it when you have an easy way out like the first option? But whichever option you try out, you need to make sure that your brother is willing to leave the property to you. Without them signing the legal papers, you cannot refinance.
Thanks,
Caron.