Posted on: 28th Nov, 2008 10:31 am
Hi,
My parents would like to somehow add me to the deed of their home. They are getting old. I am looking at possibly a quit claim. They are concerned that I would have to be added to the mortgage in order to add me as one of the owners or responsible parties on the deed. Is this something that would happen or is it possible to add my name without being added to the mortgage? And what is the steps to go about doing this?
My parents would like to somehow add me to the deed of their home. They are getting old. I am looking at possibly a quit claim. They are concerned that I would have to be added to the mortgage in order to add me as one of the owners or responsible parties on the deed. Is this something that would happen or is it possible to add my name without being added to the mortgage? And what is the steps to go about doing this?
Ask the lender.
hi gray,
in order to add your name to the property title, your parents need to sign a quitclaim deed. you will get quitclaim deed forms online but it is always better to take the help of an attorney to draft the deed. once the deed is signed, you need to notarize it and record it at the county recorder's office. check out the following link to get sample quitclaim deed forms:
http://www.mortgagefit.com/predeal/quitclaim-stateforms.html
as your parents are only adding your name to the property and not solely transferring the property in your name, i don't think the lender will ask you to refinance it. but to be on the safer side, you should inform the lender about the change in ownership.
thanks,
jerry
in order to add your name to the property title, your parents need to sign a quitclaim deed. you will get quitclaim deed forms online but it is always better to take the help of an attorney to draft the deed. once the deed is signed, you need to notarize it and record it at the county recorder's office. check out the following link to get sample quitclaim deed forms:
http://www.mortgagefit.com/predeal/quitclaim-stateforms.html
as your parents are only adding your name to the property and not solely transferring the property in your name, i don't think the lender will ask you to refinance it. but to be on the safer side, you should inform the lender about the change in ownership.
thanks,
jerry
