Posted on: 14th Apr, 2007 07:59 pm
we wanted to buy the house in our son\'s name last year, but since he did not have enough credit history in usa that tim, we applied for the loan my wife\'s name. so the house is obviously in my and my wife\'s names jointly, although the mortgage is being paid by our son every month from his salary. now we want to transfer the house in his name. is filing a quit deed better or refinancing. he is already taking care of all the payments already and we want him to take the tax advantage too. please advise?
Hi,
As your son is now paying for the mortgage and his score must have also improved you should transfer the house in his name.
As your son is now paying for the mortgage and his score must have also improved you should transfer the house in his name.
i would say you contact your lender and tell him about it. when the mortgage will be refinanced in his name, property transfer documents can also be made out for transferring title in his name.
you need not separately create a quit claim deed for the transfer and then refinance the mortgage, both can be done at the time of refinance.
you need not separately create a quit claim deed for the transfer and then refinance the mortgage, both can be done at the time of refinance.
"Can I transfer title in my sons name without selling"
Yes a quit claim deed is quite commonly used for inter family property transfers. At the time of refinance a quit claim deed can be made for the title transfer. You do not have to sell it.
Yes a quit claim deed is quite commonly used for inter family property transfers. At the time of refinance a quit claim deed can be made for the title transfer. You do not have to sell it.