Posted on: 13th Mar, 2009 08:20 am
My father owns a home that has no lien or mortgage on it. He wants to transfer the ownership of the home to me for a yet to be determined price. We want to do this in a manner where it will look like I own the home without a lien or mortgage once the transfer of ownership has been completed.
Can we do this legally where he would transfer the ownership to me, have me make monthly payments to him, yet have it appear as though I own the home outright?
The reason we want to do it this way is so that I can take out an equity loan on the home to make necessary repairs and improvements.
Thanks!
Can we do this legally where he would transfer the ownership to me, have me make monthly payments to him, yet have it appear as though I own the home outright?
The reason we want to do it this way is so that I can take out an equity loan on the home to make necessary repairs and improvements.
Thanks!
Oops! I forgot to mention that this is taking place in Massachusetts.
Hi dweenmachine,
To transfer the ownership of the home to you, you need to get a quitclaim deed or a warranty deed signed by your father. This will change the title in your name. Doing this won't be difficult as there is no mortgage or lien on the property. Once the property is in your name and you have a good income and credit, you can easily qualify for an equity loan.
To transfer the ownership of the home to you, you need to get a quitclaim deed or a warranty deed signed by your father. This will change the title in your name. Doing this won't be difficult as there is no mortgage or lien on the property. Once the property is in your name and you have a good income and credit, you can easily qualify for an equity loan.
Thanks jenkin7
I thought this was the case, but it seemed too easy and I thought that I was missing something for sure. I just wanted to double-check and make sure that it was legal.
Thanks again!
I thought this was the case, but it seemed too easy and I thought that I was missing something for sure. I just wanted to double-check and make sure that it was legal.
Thanks again!
Hi dillabye,
You are welcome.
However, if you have further queries, feel free to ask.
You are welcome.
However, if you have further queries, feel free to ask.
i inherited 1/8 of 136 acres in oregon from father . 4 of us want to sell , other
4 are wanting to sit on it , as has been done past 152 years . it cant be divided or put up for sale without all agreeing . 4 who want to keep it , cant come up
with money to buy out rest of us . what to do ?
4 are wanting to sit on it , as has been done past 152 years . it cant be divided or put up for sale without all agreeing . 4 who want to keep it , cant come up
with money to buy out rest of us . what to do ?
Hi Guest,
Those who want to sell off the property can file a partition lawsuit in the court. The court will look into the whole matter and order the sale of the property.
Those who want to sell off the property can file a partition lawsuit in the court. The court will look into the whole matter and order the sale of the property.