Posted on: 21st Feb, 2007 11:38 am
I bought my house before getting married and the mortgage & the deed are in my name only. Can I get a quitclaim deed and put my house in my daughter's name? There are no liens on the house. (I know I will still be responsible for the mortgage payments.)
hi campbell,
you can use a quit claim deed to give the house to your daughter but before that talk to your lender if he would allow the property transfer. as most of the mortgages have a due on sale clause by which lender can ask for the loan to be paid off if there is a change in ownership.
but generally they allow for the mortgage to be refinanced in the name of the new owner if he/she can qualify as per the required standards.
peter aczel
you can use a quit claim deed to give the house to your daughter but before that talk to your lender if he would allow the property transfer. as most of the mortgages have a due on sale clause by which lender can ask for the loan to be paid off if there is a change in ownership.
but generally they allow for the mortgage to be refinanced in the name of the new owner if he/she can qualify as per the required standards.
peter aczel
Campbell,
I would advice that you consult an attorney while filling up the form as there are many legal state specific issues which you need to follow. As you will be transferring the property your name will be entered as the grantor and your daughter would be the grantee.
David
I would advice that you consult an attorney while filling up the form as there are many legal state specific issues which you need to follow. As you will be transferring the property your name will be entered as the grantor and your daughter would be the grantee.
David