Posted on: 02nd Mar, 2009 12:41 pm
Hello!
My friend and i are turning my house into a rental property. I have agreed to sign over 50% of the ownership of the house to him (in addition to the mortage I have left on the home). What is the process for doing this? I contacted my mortgage company and they said we need to have an attorney write something up, but I was told differently by others.
Thanks so much!
Ryan Black
My friend and i are turning my house into a rental property. I have agreed to sign over 50% of the ownership of the house to him (in addition to the mortage I have left on the home). What is the process for doing this? I contacted my mortgage company and they said we need to have an attorney write something up, but I was told differently by others.
Thanks so much!
Ryan Black
hi ryan,
if you want to sign over 50% of the ownership of the house to your friend, you can sign a quit claim deed. this is used to transfer one's share in the property to another. however, it cannot transfer your loan liabilities. in order to transfer the mortgage in your partner's name, a refinance is needed.
if you want to sign over 50% of the ownership of the house to your friend, you can sign a quit claim deed. this is used to transfer one's share in the property to another. however, it cannot transfer your loan liabilities. in order to transfer the mortgage in your partner's name, a refinance is needed.