Posted on: 26th Dec, 2007 10:15 am
my grandfather recently passed away and left my uncle as the executor of the estate. i have agreed to buy the home but when i spoke to the bank about financing, they suggested that i use a quitclaim deed to transfer ownership to me and then refinance the home to pay the estate. first is this even possible? second, is this the best way to do this? the home is located in rockingham county, va, and i'm told that local law may not allow this option. any help would be greatly appreciated.
Hi volleyballjrs,
Welcome to this forum.
You can use quitclaim deed to transfer ownership within the family. When you are selling the property, then you should better use warranty deed. Here you are transferring the ownership with the family. so quitclaim deed is ok for you. Your uncle will transfer the property to you.
Contact an attorney. He will help you to prepare the deed for you.
Best of luck,
Larry
Welcome to this forum.
You can use quitclaim deed to transfer ownership within the family. When you are selling the property, then you should better use warranty deed. Here you are transferring the ownership with the family. so quitclaim deed is ok for you. Your uncle will transfer the property to you.
Contact an attorney. He will help you to prepare the deed for you.
Best of luck,
Larry
hello volleyballjrs,
did your grandfather leave a will? who is the present owner of the property?
you may buy the property from the present owner and for that you may use either a quit claim deed or a warranty deed. the mortgage has to be refinanced in your name so that it gets transferred in your name.
as far as i know, this is allowed in va. have you consulted an attorney? what does he say about this?
did your grandfather leave a will? who is the present owner of the property?
you may buy the property from the present owner and for that you may use either a quit claim deed or a warranty deed. the mortgage has to be refinanced in your name so that it gets transferred in your name.
as far as i know, this is allowed in va. have you consulted an attorney? what does he say about this?
I don't think you can do a quit claim deed since your grandfather is deceased and cannot sign. The probate court will not allow anyone else to sign in his place until the funds are recieved. I believe that this has to be treated as a purchase.