Posted on: 26th Jul, 2009 09:37 am
can i use a quit claim deed to transfer my condo title into my exempt lifetime trust?...i am trustee of a 100k exempt lifetime trust. several months before that, as an individual, i purchased a condo valued at 162k with a mortgage for 148k. i now want to transfer ownership to the trust so that i can use the 100k to shorten my loan from 30 years to 4 years and keep this property in trust. (1) is this allowed since i have already started the purchase outside of the trust and it is valued higher than 100k? (2) if it is allowed with a warranty deed or quit claim deed?
Welcome dplays,
You can use a quitclaim deed to transfer the property into a trust. However, before any property transfer, it would be better if you could consult your lender and attorney. Your attorney will be the best person to let you know about the consequences of such a transfer.
You can use a quitclaim deed to transfer the property into a trust. However, before any property transfer, it would be better if you could consult your lender and attorney. Your attorney will be the best person to let you know about the consequences of such a transfer.