Posted on: 11th Jul, 2010 03:23 pm
My mother is interested in selling me her house, at a lower than market value price. Would it be better for her to issue a quit-claim deed, and me take out a loan for the agreed-upon amount to give her the money, or an outright purchase? My siblings are all aware of the potential sale to me, and the agreed-on price, but I don't want anyone coming back later to say they were "cheated" out of their inheritance. I am the primary caregiver for my mother, and we have agreed that she will remain in the house as long as physically possible for her to do so.
Welcome jea,
If the property is free and clear, then your mother can sign a quit claim deed in your favor and transfer the property to you. You can take out a mortgage loan and pay her off using the loan proceeds.
If the property is free and clear, then your mother can sign a quit claim deed in your favor and transfer the property to you. You can take out a mortgage loan and pay her off using the loan proceeds.