Posted on: 31st Oct, 2007 08:45 pm
what is the best thing to do in transferring ownership of our rental house to our two sons without selling it to them; i like to avoid any additional expenses; like the closing cost. our sons both owned houses and financially stable. is the novation and quit claim can help? is it cheaper to get a mortgage lawyer than going through regular process of buying a house. shall i have to contact the mortgage lenders first? thank you..
hi,
a quit claim is the best thing to do but it will only transfer the ownership to your two sons and not any financial liabilities.
if the house has a mortgage on it then you have to refinance it in their name or do a novation.
the first thing that you should do is contact the lender and talk to him.
a quit claim is the best thing to do but it will only transfer the ownership to your two sons and not any financial liabilities.
if the house has a mortgage on it then you have to refinance it in their name or do a novation.
the first thing that you should do is contact the lender and talk to him.
Hi Nathdino,
I think quitclaim is the best option for you. And you can also talk to your lender regarding refinance.
Thanks,
Larry
I think quitclaim is the best option for you. And you can also talk to your lender regarding refinance.
Thanks,
Larry