Posted on: 17th Aug, 2010 01:37 pm
We are looking to buy a bigger home and need to put our house on market in order to take a loan out for new house. My parents are willing to buy our house so we can purchase new one. They will be paying without needing a loan from bank. How do we get process going. Do we just transfer tile or what? We would like to cheapest and legal option for this transaction. Thanks
Hi swensontm,
As your parents would be going for a cash purchase, you need to sign a quit claim deed in your parents' favor. This will transfer the property in their names. Once the property is transferred to your parents, you will have to pay off the loan in full to your lender.
Thanks
As your parents would be going for a cash purchase, you need to sign a quit claim deed in your parents' favor. This will transfer the property in their names. Once the property is transferred to your parents, you will have to pay off the loan in full to your lender.
Thanks