Posted on: 30th Jan, 2009 04:06 pm
what is the best way to transfer deed from my parents to my name?...people suggested me to go for adding my name to deed first than getting quick claim deed from my parents but this way they still will be responsiable for mortgage. i do not want to held them responsiable in future? please advise if novation is good option?
Hi nileshkunadia!
Welcome to forums!
You can ask your parents to sign a quitclaim deed in your name and transfer the property to you. Once they do that, you can then refinance the property in your name and release them from the liability of paying the mortgage. Novation is a method of transferring the mortgage but lenders prefer refinancing over novation.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can ask your parents to sign a quitclaim deed in your name and transfer the property to you. Once they do that, you can then refinance the property in your name and release them from the liability of paying the mortgage. Novation is a method of transferring the mortgage but lenders prefer refinancing over novation.
Feel free to ask if you have further queries.
Sussane