Posted on: 15th Dec, 2010 11:53 am
a son and daughter-in-law are 50% owners in a rental property (given as a wedding gift 7 years ago). they want to be released from the mortgage to buy another house. mortgage is held by the former owner and has 4 names on it including my wife and mine. the former owner (mortgagor) has agreed, so there are no adverse parties. my wife and i will remain liable for the full amount of mortgage. the son and daughter-in-law plan to quit claim deed their 50% of the property to us. what sort of document needs to be filed with the clerk of court to release the son and daughter in law from the mortgage.
Hi jimconnelly!
Welcome to forums!
Your son and daughter-in-law should sign a quitclaim deed in order to transfer the property to you and your wife. As far as the mortgage is concerned, you'll have to refinance it in your name in order to release your son and daughter-in-law from the responsibility of paying off the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your son and daughter-in-law should sign a quitclaim deed in order to transfer the property to you and your wife. As far as the mortgage is concerned, you'll have to refinance it in your name in order to release your son and daughter-in-law from the responsibility of paying off the mortgage.
Feel free to ask if you've further queries.
Sussane
Thanks for your response Sussane. One attorney said that filing a Partial Release of Mortgage to remove the names of the son and daughter-in-law will work along with the quit claim deed since I have the agreement of the former owner/lender.