Posted on: 07th Jul, 2010 04:28 pm
we are in the process of purchasing my parent's condo. We are paying cash for the property ($250000 fair market value). What is the best way for us to get the property in our name? Their property is in living trust at this time. Can they just quitclaim and add our name to the property? We are going to rent the property.
help
help
Hi bjay,
Your parents can sign a quit claim deed in order to transfer the property to your names. They should contact a real estate attorney and get the property deed drafted from him. After they sign the deed, you should notarize it and record it at the county recorder's office.
Your parents can sign a quit claim deed in order to transfer the property to your names. They should contact a real estate attorney and get the property deed drafted from him. After they sign the deed, you should notarize it and record it at the county recorder's office.
If you want to purchase your parents condo, then a quitclaim deed will not be sufficient. Quitclaim deed will only transfer a share in the interest of the property, and not the ownership rights. Your granter will still have his name on the title.
In this case, since you also want to rent the property, a warranty deed will be most appropriate as it will transfer the entire title in your name. You will have to get the trust sign this warranty deed in your name.
In this case, since you also want to rent the property, a warranty deed will be most appropriate as it will transfer the entire title in your name. You will have to get the trust sign this warranty deed in your name.
As per my knowledge quitclaim deed with register in country's office is sufficient........