Posted on: 03rd Sep, 2009 10:34 am
in 2000 I bought a house for my 28 yar old son, he had bad credit. Now i want his name to be on it since the property value is down and he get a homestead exemption on the property.
He has paid ALL the payments since the beginning. he owes 79k plus 75 openline of credit. I have several other investment with the bank.
will a Quik Claim Deed work for us?
Glo
He has paid ALL the payments since the beginning. he owes 79k plus 75 openline of credit. I have several other investment with the bank.
will a Quik Claim Deed work for us?
Glo
Hi gloria,
If you want to transfer the property to your son, then it can be done with the help of a quitclaim deed. Once you sign the quitclaim deed and transfer the property to him, he can apply for a homestead. However, if there's a mortgage on the property and if your name is on the mortgage docs, then that needs to be refinanced by your son.
If you want to transfer the property to your son, then it can be done with the help of a quitclaim deed. Once you sign the quitclaim deed and transfer the property to him, he can apply for a homestead. However, if there's a mortgage on the property and if your name is on the mortgage docs, then that needs to be refinanced by your son.