Posted on: 03rd Aug, 2010 02:36 pm
i would like to transfer (sell) my interest in a property i own with my sibling and aunt to my sibling. there is no mortgage on the property. it's a two family home where they both reside. is it recommended to draft a mortgage for the sale of my interest and provide a quit claim deed to my sibling. also, would we need to involve my aunt in the transaction?
Welcome Guest,
You've mentioned that there is no mortgage on the property. In that case, you need to sign a quit claim deed and transfer the property to your sibling. You should inform your aunt about the change is property ownership.
You've mentioned that there is no mortgage on the property. In that case, you need to sign a quit claim deed and transfer the property to your sibling. You should inform your aunt about the change is property ownership.
Thanks for the response. The isue is that my sibling would be purchasing my interest in the property by making payments over a period of time.
Welcome Guest,
As your sibling will be purchasing your interest in the property, you need to sign the quit claim deed in his or her favor and transfer the property. While you transfer the property, you can ask him or her to pay you the money.
As your sibling will be purchasing your interest in the property, you need to sign the quit claim deed in his or her favor and transfer the property. While you transfer the property, you can ask him or her to pay you the money.