Posted on: 13th Jan, 2011 07:27 pm
my partner bought our house with cash, i am not on title. a construction loan was taken out because the home was a complete rehab. the construction loan is now due, and he is unemployed...hence cannot convert to a standard home equity. can we do a quit claim deed to add me to title? i am thinking that if we do this then i can get approved for the home equity.
also, are there gift tax or other implications i am not thinking of?
also, are there gift tax or other implications i am not thinking of?
hi mdsne,
your partner can add your name to the property deed by signing a quitclaim deed. if there is equity in the property and if you have a good job and credit scores, you will be able to refinance the loan. your partner may be liable for gift taxes. the person should contact a tax adviser and he will be able to assist him in this matter.
your partner can add your name to the property deed by signing a quitclaim deed. if there is equity in the property and if you have a good job and credit scores, you will be able to refinance the loan. your partner may be liable for gift taxes. the person should contact a tax adviser and he will be able to assist him in this matter.