Posted on: 19th Aug, 2007 02:05 pm
WE HAVE BEEN PAYING ON A PIECE OF PROPERTY FOR FOUR YEARS WHICH IS IN MY MOTHER-IN-LAWS NAME. WE WOULD LIKE TO GET THE PROPERTY IN OUR NAME SO WE CAN SELL IT. HOW DO WE GO ABOUT THAT?
Hi Sandra,
Welcome to the forum.
You can get the property in your name by using a quitclaim deed. In that case, your mother-in-law has to sign the deed as the grantee and she will be transferring the ownership rights of the property in your name as the grantee. After filling up the deed, you will have to get is notarized and record it at the office of the County Recorder.
On getting the property ownership rights, you can sell it on your wish.
Welcome to the forum.
You can get the property in your name by using a quitclaim deed. In that case, your mother-in-law has to sign the deed as the grantee and she will be transferring the ownership rights of the property in your name as the grantee. After filling up the deed, you will have to get is notarized and record it at the office of the County Recorder.
On getting the property ownership rights, you can sell it on your wish.
In order to do what larry said the property must not have any liens on it. If the mothere in law willing to quitclain the property to you why not she just sells it and gives you the profits?
There is a mortgage on the property. That is what we are paying. We also pay the taxes and insurance. Basically we pay everythging like it os ours except it is in her name.
Hi SANDRA,
It is good that you are paying everything on time and that will have a good affect on your credit report but I cannot get your question. Can you please explain it a bit more?
Best of luck,
Larry
It is good that you are paying everything on time and that will have a good affect on your credit report but I cannot get your question. Can you please explain it a bit more?
Best of luck,
Larry
You should treat is as a straight sale with $1 in sale proceeds. You will have to pay off the current mortgage, transfer title, and finance the new mortgage, all in one transaction. Contact a local title company to handle the transaction for you.
