Posted on: 01st Apr, 2012 05:37 am
My parents have a property, free and clear, and want to transfer the ownership to me, due to their ages (both in mid 80's). By searching this forum, I see that we can do this simply and economically by means of Quitclaim Deed.
Now, if I want to borrow money against this house in the future, do lenders prefer one form of deed over the other?
If yes, we want to use the form of deed preferred by lenders.
Also, any comments, hints, precautions, and/or your experience you can share regarding this subject would be appreciated.
Now, if I want to borrow money against this house in the future, do lenders prefer one form of deed over the other?
If yes, we want to use the form of deed preferred by lenders.
Also, any comments, hints, precautions, and/or your experience you can share regarding this subject would be appreciated.
Hi centurian,
As the property is free and clear, I will suggest your parents to use a warranty deed in order to transfer the property to you. They can contact a real estate attorney and he will help them in drafting the deed.
Thanks
As the property is free and clear, I will suggest your parents to use a warranty deed in order to transfer the property to you. They can contact a real estate attorney and he will help them in drafting the deed.
Thanks
Thanks for your reply.
We are tyring to do it ourselves. We called around and lawyers charge $400 to $500 just filling out spaces on their blank form they have.
So either we can buy one online for $10 - $20 or I can type it up by copying my parents' deed word for word (I think they have warranty deed-fee simple)
So, do you know if lender prefers warranty deed over quitclaim deed?
We are tyring to do it ourselves. We called around and lawyers charge $400 to $500 just filling out spaces on their blank form they have.
So either we can buy one online for $10 - $20 or I can type it up by copying my parents' deed word for word (I think they have warranty deed-fee simple)
So, do you know if lender prefers warranty deed over quitclaim deed?
Hi centurian!
Welcome to forums!
A warranty deed is always preferred by the lender as it is a proof that the property is free and clear from any other liens.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A warranty deed is always preferred by the lender as it is a proof that the property is free and clear from any other liens.
Feel free to ask if you've further queries.
Sussane
Thanks Sussane,
That answers my question.
That answers my question.
You're welcome, centurian!!