Posted on: 25th Nov, 2007 03:20 pm
because of my credit my mother purchased a house in her name for me and my wife, would a quit claim deed transfer interest of the home to me and my wife?
Hi,
Signing a quit claim deed will transfer the ownership rights from your mother to you and your wife. But if there is a mortgage in your mother's name, that will continue to be in her name as a quit claim will not transfer the financial liabilities.
Signing a quit claim deed will transfer the ownership rights from your mother to you and your wife. But if there is a mortgage in your mother's name, that will continue to be in her name as a quit claim will not transfer the financial liabilities.
hi shaleth,
welcome to this forum.
your mother can quitclaim to transfer the property to your name but if there is a mortgage on the house, your mother needs to take consent from the lender.
i agree with michel that quitclaim only transfers the property but it does not transfer the financial liabilities. so if there is any mortgage you should refinance or do a novation to remove your mother's name from the mortgage. and to do that you need to talk you’re your lender.
feel free to ask if you have any further questions.
thanks,
larry
welcome to this forum.
your mother can quitclaim to transfer the property to your name but if there is a mortgage on the house, your mother needs to take consent from the lender.
i agree with michel that quitclaim only transfers the property but it does not transfer the financial liabilities. so if there is any mortgage you should refinance or do a novation to remove your mother's name from the mortgage. and to do that you need to talk you’re your lender.
feel free to ask if you have any further questions.
thanks,
larry