Posted on: 11th Nov, 2008 06:44 am
I currently own a 2 family home that is my primary residence and my tenant wants to buy my home. I want to get out of the house and I would like to just transfer the ownership and the two mortgages to my tenant. What would I have to do if this is possible?
in order for you to "transfer" the two mortgages, you're going to need the approval of your lender. that means your buyers would need to qualify to pick up the payments on those loans.
that doesn't necessarily take you off the hook, however. you need to do some homework before you decide anything concrete in relation to this property and the two mortgages. speak with the lender and find out what their requirements are. check with your legal counsel to ensure that you know what you're getting into, as well.
that doesn't necessarily take you off the hook, however. you need to do some homework before you decide anything concrete in relation to this property and the two mortgages. speak with the lender and find out what their requirements are. check with your legal counsel to ensure that you know what you're getting into, as well.
hi pomeara!
i agree with george m. akerley. if you want to transfer the mortgages in your tenant's name, then you will have to ask them to refinance it. for refinancing, the lender will check their credit and all the required documents. they even need to get pre-approved for the refinance.
in order to transfer the property, you can either go for a quitclaim deed or a warranty deed. if there is a money transfer between you and the tenants, it will be better if you can go for a warranty deed.
thanks.
i agree with george m. akerley. if you want to transfer the mortgages in your tenant's name, then you will have to ask them to refinance it. for refinancing, the lender will check their credit and all the required documents. they even need to get pre-approved for the refinance.
in order to transfer the property, you can either go for a quitclaim deed or a warranty deed. if there is a money transfer between you and the tenants, it will be better if you can go for a warranty deed.
thanks.
You should treat the transaction as a straight sale. This means you must transfer real property title, and you must refinance the property in the new owners' names. In some states, title companies can do the whole thing for you. Otherwise, hire a local real estate attorney.
