Posted on: 07th May, 2007 07:14 pm
My property is worth at least $400,000. I am selling it to my son and wife for $150,000. My mortgage is $80,000. They have to get financing. At which point do I sign the quick claim deed?
You mean that your wife and son will be assuming the mortgage?
Hi Ginger,
Welcome to the forums.
You will be signing the quitclaim deed at the time of closing of the home sale. The closing is when the home sale is finalized. There will be the title company sending a closing agent to conduct the entire process.
The closing agent will be reviewing the closing documents provided by the lender and make sure that you have sign all other documents related to the home sale and paid the closing fees and escrow payments.
Take Care
Welcome to the forums.
You will be signing the quitclaim deed at the time of closing of the home sale. The closing is when the home sale is finalized. There will be the title company sending a closing agent to conduct the entire process.
The closing agent will be reviewing the closing documents provided by the lender and make sure that you have sign all other documents related to the home sale and paid the closing fees and escrow payments.
Take Care
ginger taylor,
for the folks that can assist you on this board, it would help if you provided a few additional details.
1) who currently owns the home? who is now on title?
2) who is going to be on title after the transaction is finished? what's your goal?
3) how much do you owe on your current loan?
4) how much do you want to gain after paying off the loan?
with this information, people can help you more accurately with regard to using a quit claim deed or using a mortgage product to accomplish this.
post back.
for the folks that can assist you on this board, it would help if you provided a few additional details.
1) who currently owns the home? who is now on title?
2) who is going to be on title after the transaction is finished? what's your goal?
3) how much do you owe on your current loan?
4) how much do you want to gain after paying off the loan?
with this information, people can help you more accurately with regard to using a quit claim deed or using a mortgage product to accomplish this.
post back.
You're right Ken. If Ginger can come up with these answers, definitely it will help me give the right suggestions.
God bless..
Samantha
God bless..
Samantha
