Posted on: 29th Dec, 2009 02:30 pm
We have seven acres, We would like to give our daughter and her husband 2-2 1/2 to build a house. It has a mortage on it. How do we go about doing this.
Hi Guest!
Welcome to forums!
If you want to add your daughter to the property deed, then you can do so by using a quit claim deed. However, if she wants to subdivide the land and then take a mortgage on it and build a new house, then that can get difficult. Your lender may not get ready for it. Also, while there is a transfer of ownership, you need to inform your lender about it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want to add your daughter to the property deed, then you can do so by using a quit claim deed. However, if she wants to subdivide the land and then take a mortgage on it and build a new house, then that can get difficult. Your lender may not get ready for it. Also, while there is a transfer of ownership, you need to inform your lender about it.
Feel free to ask if you've further queries.
Sussane