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Mortgage Community Forums | Deeds, Property Transfer and Estate Planning | I want to gift my property to my parent. Can I do this if there is a loan owing on the property?

I want to gift my property to my parent. Can I do this if there is a loan owing on the property?

Posted on: 13th Apr, 2009 04:09 pm
I want to gift my property to my parent. Can I do this if there is a loan owing on the property?...I want to gift my property to my parent. Can I do this if there is a loan owing on the property?
hi tjhurley,

you can gift the property to your parents with the help of a gift deed but you should note that they will have to refinance the mortgage. if they do not refinance, you will be liable to pay off the mortgage dues.

thanks
jameshogg
Posted on: 13th Apr, 2009 07:41 pm
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