Posted on: 04th Aug, 2009 04:15 pm
MY mother has a house that I am living in. I want her to quick claim it to me, so I can get things fix on it.She said she would but wants to make my little sister on as life something that when I die she gets the house. Will she have to sign for loans, and what if I want to sell it can I without her.I live in Ohio/Ia going to pay my mother some money for the house but not whats it worth after I quick claim it.So that way I can avoid a appraisal since the house needs allot of work and closing cost.Thank you.I was thinking that this would be easier because I don't have the money for a down payment to buy another home even with me being a first time home buyer.
hi smilen_rose!
welcome to forums!
your mother can transfer the property to you with the help of a quitclaim deed and also add your sister to the property deed. however, as your sister will be one of the owners of the property, you won't be able to sell off the property without your sister's permission.
if there is a loan on the property and if you are planning to refinance it, then the lender would appraise the property to know the true value.
feel free to ask if you've further queries.
sussane
welcome to forums!
your mother can transfer the property to you with the help of a quitclaim deed and also add your sister to the property deed. however, as your sister will be one of the owners of the property, you won't be able to sell off the property without your sister's permission.
if there is a loan on the property and if you are planning to refinance it, then the lender would appraise the property to know the true value.
feel free to ask if you've further queries.
sussane