Posted on: 07th Dec, 2008 12:02 pm
hi,
four years ago, my parents helped us out by purchasing an additional 10 acres next to my house and 11 acres. the property is in their name, but we make the payments. we want to refinance everything together, but i've been told they need to quit claim the property to us, then we can undivide the property and refinance everything into one. we really need to get all the property together because i want to build a building on the property and laws prevent me from doing that unless i have 20+ acres. please advise.
thank you very much,
lisa
four years ago, my parents helped us out by purchasing an additional 10 acres next to my house and 11 acres. the property is in their name, but we make the payments. we want to refinance everything together, but i've been told they need to quit claim the property to us, then we can undivide the property and refinance everything into one. we really need to get all the property together because i want to build a building on the property and laws prevent me from doing that unless i have 20+ acres. please advise.
thank you very much,
lisa
Hi Day Dreams Farm!
Welcome to forums!
You can ask your parents to quitclaim the property in your name. This can be done with the help of a quitclaim deed. Sample quitclaim deed forms are available online but you can also draft the deed from an attorney.
Once the quitclaim deed is filled out by your parents, they need to notarize it and record it at the county recorder's office. Once all this is done and the property is transferred in your name, you can contact the lender for refinancing the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can ask your parents to quitclaim the property in your name. This can be done with the help of a quitclaim deed. Sample quitclaim deed forms are available online but you can also draft the deed from an attorney.
Once the quitclaim deed is filled out by your parents, they need to notarize it and record it at the county recorder's office. Once all this is done and the property is transferred in your name, you can contact the lender for refinancing the property.
Feel free to ask if you have further queries.
Sussane