Posted on: 27th Oct, 2010 11:02 am
Hi
So happy to find this site.
We would like to help our daughter to buy her starter home while there are some remarkable bargain. While we do not mind to co-sign/borrow with her because her work history is not long enough. However, we would not want us to be on the liability side (other than the mortgage). She will have the typical homeowner insurance which normally carries some sort of liability coverage.
If we arrange title transfer over to her entirely via quick-claim, would we then not be held for liability for the house?
Thanks.
So happy to find this site.
We would like to help our daughter to buy her starter home while there are some remarkable bargain. While we do not mind to co-sign/borrow with her because her work history is not long enough. However, we would not want us to be on the liability side (other than the mortgage). She will have the typical homeowner insurance which normally carries some sort of liability coverage.
If we arrange title transfer over to her entirely via quick-claim, would we then not be held for liability for the house?
Thanks.
Hi ypc,
If you transfer the property to her, you'll not be liable for the house. However, if your name remains on the mortgage, then you will be responsible for the loan payments.
If you transfer the property to her, you'll not be liable for the house. However, if your name remains on the mortgage, then you will be responsible for the loan payments.
That would be good. I don't mind the mortgage bit, just do not want to be on the hook for liabilities on the house. Just want to make sure any claim can only be made to the limit of the house insurance policy and do not come me personally.
Thank you for the answer
Thank you for the answer