Posted on: 17th Jun, 2009 02:27 pm
I am the representative for my Mom's esate after she passed away. She ownes a condo that my brother is living in. I have been tryint to get my brother out of the property to sell it but he wants to buy the property. He does not have a job currently and has not had a job for some time. He wants me to quitclaim the deed over to him and then he said he can get financing after I do this. I dont like the idea becouse if he defaults on the loan I would still be liable for the loan. I also dont think he can even qualify for a loan. I would think my brother should first get financing and then we can quitclaim it over to him?
I think you've answered your own question. Treat this as you would any other sale of property. The new owner will get whatever form of deed is used in your state after closing.
Hi craskay,
As your brother is not employed at present, it will be fairly difficult for him to qualify for a loan. If the existing mortgage is in your name and he defaults on the loan, your credit will be affected. Thus, quitclaiming the property to your brother at this point in time will not be a good decision. Ask him to find an employment first and get pre-approved for a loan before you can quitclaim the property to him.
As your brother is not employed at present, it will be fairly difficult for him to qualify for a loan. If the existing mortgage is in your name and he defaults on the loan, your credit will be affected. Thus, quitclaiming the property to your brother at this point in time will not be a good decision. Ask him to find an employment first and get pre-approved for a loan before you can quitclaim the property to him.
I am thinking if you quit claim a property to someone with no job there is no incentive for him to get a job or a mortgage.....
