Posted on: 30th Jan, 2009 05:08 pm
what is the least expensive way to give your son a house?...what is the least expensive way to give your son a house? i know i can sign a quitclaim deed in my son's name and transfer the property to him. In this case, who will have to pay for the transfer fees and stamp docs. Dose he has to get loan approval?
hi nileshkunadia!
welcome to forums!
you can sign a quitclaim deed to transfer your property to your son. either you or your son can pay the transfer fees and stamp docs or both of you can jointly pay for them.
if the property has a mortgage on it, then your son will have to refinance the property in his name. while refinancing the property, the lender will look after your son's credit score and income. if those are good enough, then only the loan will be refinanced in your son's name.
feel free to ask if you have further queries.
sussane
welcome to forums!
you can sign a quitclaim deed to transfer your property to your son. either you or your son can pay the transfer fees and stamp docs or both of you can jointly pay for them.
if the property has a mortgage on it, then your son will have to refinance the property in his name. while refinancing the property, the lender will look after your son's credit score and income. if those are good enough, then only the loan will be refinanced in your son's name.
feel free to ask if you have further queries.
sussane