Posted on: 09th Nov, 2008 03:56 pm
hello,
my wife and i got a heloc loan for $100k to put down on a property for our daughter. my name was on the title along with my daughter's name. after the property went up a couple hundred thousand dollars, my daughter got a $100k heloc loan. to do this, my daughter had me sign a quit claim deed; this got my name off of the title. after the loan closing, my name was to be put back onto the title, but it wasn't and i found out about this recently. my daughter is ok with having my name put back on the title, but we're not sure what best procedure/form to use. can you suggest a course of action in this situation?
thanks in advance,
david
my wife and i got a heloc loan for $100k to put down on a property for our daughter. my name was on the title along with my daughter's name. after the property went up a couple hundred thousand dollars, my daughter got a $100k heloc loan. to do this, my daughter had me sign a quit claim deed; this got my name off of the title. after the loan closing, my name was to be put back onto the title, but it wasn't and i found out about this recently. my daughter is ok with having my name put back on the title, but we're not sure what best procedure/form to use. can you suggest a course of action in this situation?
thanks in advance,
david
Hi yobow!
Welcome to forums!
To put your name back into the deed, you can ask your daughter to sign a quitclaim deed in your favor. However, it will be better if you can inform the lender because the lender may have objections to it. They may want your daughter to be the sole owner of the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
To put your name back into the deed, you can ask your daughter to sign a quitclaim deed in your favor. However, it will be better if you can inform the lender because the lender may have objections to it. They may want your daughter to be the sole owner of the property.
Feel free to ask if you have further queries.
Sussane
Hi Janet,
If you are trying to buy the home, i.e there is a money exchange involved in this process, then I would suggest you to go for a warranty deed. Quitclaim deeds are mainly used during gift transfers. You can consult an attorney who will draft a warranty deed for you with all the details of the deal.
Thanks.
If you are trying to buy the home, i.e there is a money exchange involved in this process, then I would suggest you to go for a warranty deed. Quitclaim deeds are mainly used during gift transfers. You can consult an attorney who will draft a warranty deed for you with all the details of the deal.
Thanks.