Posted on: 04th Oct, 2009 09:15 am
I have a rent house I owe nothing on- my long term renter wants to buy it. We have agreed on a price and I am going to carry the mortgage. She has never missed any payments and I am not concerned about her repayment. I am tired of messing with a rent house.
Can I quit claim the house and along with a mortgage and promissary note make this a legal transaction.?
Can I quit claim the house and along with a mortgage and promissary note make this a legal transaction.?
Once you quit claim then the property will will be leggally in your renters name
If you are still gonign to carlly the mortgage then quit claim is nto the righ thing to do.
Probably have an attorney draft agreemtn for both of you, so you both are protected
If you are still gonign to carlly the mortgage then quit claim is nto the righ thing to do.
Probably have an attorney draft agreemtn for both of you, so you both are protected
jstanton11
welcome to mortgagefit,
It is never advisable to quitclaim the property before you sign a legal documents clearly transferring the liability of the mortgage to the renter.Even you can consult an attorney and ask him to prepare a document where the property will be completely transferred to the renter once the mortgage is cleared and whole amount is paid to you.
Never ever sign the quitclaim b4 that......
keep in touch.....
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welcome to mortgagefit,
It is never advisable to quitclaim the property before you sign a legal documents clearly transferring the liability of the mortgage to the renter.Even you can consult an attorney and ask him to prepare a document where the property will be completely transferred to the renter once the mortgage is cleared and whole amount is paid to you.
Never ever sign the quitclaim b4 that......
keep in touch.....
:arrow: :arrow: :arrow: