Posted on: 13th Oct, 2010 03:57 pm
My mother is buying a house in her name. I am, however, providing 1/2 the down payment and will be paying for 1/2 of the mortgage every month.
Today, she came to me and told me that she has made an appt with her banker for me to sign a gift deed in the morning regarding the money I am putting toward the down payment. From the research that I have done, I do not see how this will be a benefit to me - in fact.. if anything it sounds like I could very well be getting the short end of the stick here. Any one know what this might do to me if I do sign this?
Today, she came to me and told me that she has made an appt with her banker for me to sign a gift deed in the morning regarding the money I am putting toward the down payment. From the research that I have done, I do not see how this will be a benefit to me - in fact.. if anything it sounds like I could very well be getting the short end of the stick here. Any one know what this might do to me if I do sign this?
hi toxic,
if you sign the quit claim deed, you will be considered as one of the owners of the property. if the property is sold off in the future, you'll be able to get your share of the money from the sale proceeds. thus, your down payment will be safe.
thanks
if you sign the quit claim deed, you will be considered as one of the owners of the property. if the property is sold off in the future, you'll be able to get your share of the money from the sale proceeds. thus, your down payment will be safe.
thanks