Posted on: 02nd Oct, 2008 10:37 am
My mother owns a house that I have lived in for 4 yrs she is 73 yrs old and wants to put me on title with her on this house. I just turned 54. Which form is better for our situtation. She wants to make sure I have the house in case of anything happening to her in the future.
Thank you for your help
Thank you for your help
hi someonespecial!
welcome to the forums!
a quitclaim deed will help your mother to transfer the title of the property in your name. she can even add a life estate clause in the deed which will help her to stay in the house until death. however, remember one thing, this deed will only transfer the property in your name or add your name in the title of the property. it will not transfer any kind of mortgage in your name. if the house has a mortgage, then you will have to refinance it.
feel free to ask if you have further queries.
sussane
welcome to the forums!
a quitclaim deed will help your mother to transfer the title of the property in your name. she can even add a life estate clause in the deed which will help her to stay in the house until death. however, remember one thing, this deed will only transfer the property in your name or add your name in the title of the property. it will not transfer any kind of mortgage in your name. if the house has a mortgage, then you will have to refinance it.
feel free to ask if you have further queries.
sussane
I wouldn't need to refinance if the house stays in both our names would I? As it is I pay the mortgage payments, taxes, insurance now on the house, but with my name on title then I could at least claim it on my taxes right? If my mother was to pass away and she puts in her will that I am to have the house what other problems would I have?
Yes, if the house has both the names on the title, then you won't have to refinance. Once your name is included in the title, you will have full rights to the property. There won't be any problem but at that time, the lender may ask you to refinance the mortgage.