Posted on: 13th Aug, 2009 01:33 pm
My cousin bought a house for me in his name (I gave him the down payment money) six years ago because my credit was really bad. Now that I have improved my credit, we want to transfer the house from him to me. How would that work with quitclaiming? Any advice is welcomed and appreciated.
Hi ladyalex!
Welcome to forums!
You can ask your cousin to sign a quitclaim deed and transfer the property to you. If there's a mortgage on the property, then you will have to refinance it in your name. This will release your cousin from the liability of paying off the mortgage dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can ask your cousin to sign a quitclaim deed and transfer the property to you. If there's a mortgage on the property, then you will have to refinance it in your name. This will release your cousin from the liability of paying off the mortgage dues.
Feel free to ask if you've further queries.
Sussane
Thank you, Sussane!!