Hi Wetsea,
Welcome back.
When your parents will quitclaim the property to you, their name will be removed from the title. They will not have any rights to that property any longer. But you will also have to take the mortgage in your name so that they don't remain on the mortgage too.
If you want to know more about quitclaim deed, you can check out this article - http://www.mortgagefit.com/quitclaim-deed.html
Hope this will help you.
Feel free to ask if you have any further questions.
Thanks.
Welcome back.
When your parents will quitclaim the property to you, their name will be removed from the title. They will not have any rights to that property any longer. But you will also have to take the mortgage in your name so that they don't remain on the mortgage too.
If you want to know more about quitclaim deed, you can check out this article - http://www.mortgagefit.com/quitclaim-deed.html
Hope this will help you.
Feel free to ask if you have any further questions.
Thanks.
Hi Wetsea,
The quitclaim process is simple - you need to fill out the quitclaim form approved by your state, get it signed by a notary public and other witnesses, if required. Then comes the recording at the County Recorder's office, that is, entry of the transaction into the public records.
You can refinance right away if you have a lender offering you a favorable loan program. It can be done in 2 ways - one is, you get property through quitclaim and then refinance and the other is, refinance and while you do so, the current owner quitclaims the property to you.
The quitclaim process is simple - you need to fill out the quitclaim form approved by your state, get it signed by a notary public and other witnesses, if required. Then comes the recording at the County Recorder's office, that is, entry of the transaction into the public records.
You can refinance right away if you have a lender offering you a favorable loan program. It can be done in 2 ways - one is, you get property through quitclaim and then refinance and the other is, refinance and while you do so, the current owner quitclaims the property to you.