Posted on: 31st Jul, 2007 01:15 pm
my sister owns a home with a nortgage on it. she wants to put me on the deed along with her. is a quit claim deed the way to do it?
hi lee,
welcome to mortgagefit discussion board.
your sister can use a quit claim deed to include you to the title. on the deed she will be named as the grantor (grantor is the person transferring ownership) and you will be the grantee (person receiving ownership share). after the deed is notarized and recorded you will become co-owner along with your sister.
but let me also tell you that your sister will have to refinance the mortgage at the time property transfer takes place as there is going to be a change in the way title is held from what it was at the time loan was taken.
do let me know if you have any other questions.
thanks
blue
welcome to mortgagefit discussion board.
your sister can use a quit claim deed to include you to the title. on the deed she will be named as the grantor (grantor is the person transferring ownership) and you will be the grantee (person receiving ownership share). after the deed is notarized and recorded you will become co-owner along with your sister.
but let me also tell you that your sister will have to refinance the mortgage at the time property transfer takes place as there is going to be a change in the way title is held from what it was at the time loan was taken.
do let me know if you have any other questions.
thanks
blue
Hi Lee,
You can go through these two pages to know more about quit claim deeds and whether mortgage debts also gets transferred with transfer of property ownership.
Transferring property-interest through Quit Claim Deed
Can quit claim deed transfer mortgage debt?
You can go through these two pages to know more about quit claim deeds and whether mortgage debts also gets transferred with transfer of property ownership.
Transferring property-interest through Quit Claim Deed
Can quit claim deed transfer mortgage debt?
Hi Lee,
Quitclaim deed is the easiest way by which your sister can add you to the title of the property along with her. In the deed, you would be named as the co-owner to the property. But the existing mortgage needs to be refinanced with the change in title.
Quitclaim deed is the easiest way by which your sister can add you to the title of the property along with her. In the deed, you would be named as the co-owner to the property. But the existing mortgage needs to be refinanced with the change in title.
Before going through with the transfer make sure the person who will be refinancing would be able to qualify for the same. Also check if the rates are too high or not and whether it will be a good decision to change ownership right now.
It is possible that after refinance the mortgage payments get much higher than what they are for the present mortgage and it becomes difficult to continue the payments.
It is possible that after refinance the mortgage payments get much higher than what they are for the present mortgage and it becomes difficult to continue the payments.