Posted on: 27th Apr, 2010 06:30 pm
My brother just bought an extra house, he wants to give me the house indefinetly. I want to rent it out and Ill stay with the profits. What legal documents do we need? How about taxes? Also, right now I do not qualify to take over the mortage so the mortgage will still be under my brother's name for at least a couple of years. Thanks!
Hi privateaha,
You will have to ask your brother to sign a quit claim deed and transfer the property to you. However, after the transfer of the property, the lender will want you to refinance the loan in your name. If you don't do so, then the lender can call the loan due immediately. Thus, in my opinion, it's better not to get the property transferred in your name now.
Thanks
You will have to ask your brother to sign a quit claim deed and transfer the property to you. However, after the transfer of the property, the lender will want you to refinance the loan in your name. If you don't do so, then the lender can call the loan due immediately. Thus, in my opinion, it's better not to get the property transferred in your name now.
Thanks