my mother wants to transfer property to my but she still own

hi pachecoltgp,

for property transfer a quit claim deed can be used. it is one of the easiest means used for such a purpose. regarding the mortgage on the property, before the property is transferred contact the lender, the loan would need to be refinanced in the name of the new owner.

I agree with Jack, you can use a quit claim deed for the property transfer and as it is a inter-family transfer, this type of deed will be more suitable.

But as there is a mortgage, lender is to be informed first about your desire to get the property in your name because most mortgages have a due on sale clause which states if the owner of the property changes they have the right to call the loan due.

But if your credit score is good and can continue payments then the lender can allow the loan refinanced in your name.

Barry

Hi Pachecoltgp,

Welcome to Mortgagefit discussion board.

For getting the property transferred in your name a quit claim deed can be used. In the deed your mother will be named as grantor and you as grantee. After the deed is made get it notarized and recorded at your county recorder's office. You can read all other details about quit claim deeds from this page - http://www.mortgagefit.com/quitclaim-deed.html

And as Jack & Barry said, you will be required to refinance the mortgage in your name but before the property is transferred over to you contact the lender to know whether he will allow the property transfer or not.

Let me know if you have any other questions.

Thanks
Blue