Posted on: 13th Mar, 2007 05:33 pm
sorry, i wrote my question in the answer selection. i want my home out of my name! my sister is willing to take over the payment. do i use quit claim deed or warranty deed or both of them
hi kay,
welcome to mortgagefit forum.
you will have to use a quit claim deed to transfer the property in your sister's name. both, quit claim deed and warranty deed are used to transfer of ownership but in different situations.
a warranty deed is used when the grantor warranties a clear property title which is not possible for you as there is a mortgage. in such situation a quit claim deed will have to be used.
"do i use quit claim deed or warranty deed or both of them"
you will have to use a quit claim deed. and even if there was no mortgage or any other type of lien on the property both types of deeds are not used together. any one type of deed can be used for purpose of transferring the ownership to other person.
but let me tell you another thing, transferring the house to your sister will not have any affect on the mortgage. you will still be liable for the mortgage. as your sister is willing to take it over ask the lender about possibility of the mortgage being refinanced in her name. lender probably will allow a refinance depending on her credit score and financial status.
colin
welcome to mortgagefit forum.
you will have to use a quit claim deed to transfer the property in your sister's name. both, quit claim deed and warranty deed are used to transfer of ownership but in different situations.
a warranty deed is used when the grantor warranties a clear property title which is not possible for you as there is a mortgage. in such situation a quit claim deed will have to be used.
"do i use quit claim deed or warranty deed or both of them"
you will have to use a quit claim deed. and even if there was no mortgage or any other type of lien on the property both types of deeds are not used together. any one type of deed can be used for purpose of transferring the ownership to other person.
but let me tell you another thing, transferring the house to your sister will not have any affect on the mortgage. you will still be liable for the mortgage. as your sister is willing to take it over ask the lender about possibility of the mortgage being refinanced in her name. lender probably will allow a refinance depending on her credit score and financial status.
colin
Kay,
You can read more about both types of deeds from these pages :
Quit claim deed
Warranty Deed
Miller
You can read more about both types of deeds from these pages :
Quit claim deed
Warranty Deed
Miller
Hi Kay,
If you are willing to take your name off the home, then you may use a quit claim deed. Had the title been free of any lien, I would have advised you for a warranty deed. But you have a loan taken against the home; in such a case, using a quit claim deed will be appropriate.
Thanks,
Jerry
If you are willing to take your name off the home, then you may use a quit claim deed. Had the title been free of any lien, I would have advised you for a warranty deed. But you have a loan taken against the home; in such a case, using a quit claim deed will be appropriate.
Thanks,
Jerry
I am getting divorce my wife will keep one house but the house is on my name only. She wants to make the payments and have the house on her name. what do I need to do?
Hi Rober,
Welcome to the forum.
You can simply quitclaim the property to her and you can even ask her to pay you for your share of equity. BTW she needs to refinance the mortgage on her name only to release you from the mortgage liability. You also need to inform the lender before quitclaiming the property to your wife.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
You can simply quitclaim the property to her and you can even ask her to pay you for your share of equity. BTW she needs to refinance the mortgage on her name only to release you from the mortgage liability. You also need to inform the lender before quitclaiming the property to your wife.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Both situations require a quit claim deed, removing one person from a property in favour of another. Consult a property attorney on the best way to go about this and to make it binding. Good Luck!