Posted on: 21st Nov, 2009 09:59 pm
I want to give my house to my son as a gift but I still owe Bank $30,000. I'll be making the payment. What is the best and simple way to transfer the property.
Hi shahnazkhanashraf,
You can use a quitclaim deed to transfer the property to your son. However, if the lender comes to know about the transfer of the property, then he would want your son to refinance the mortgage in his name.
You can use a quitclaim deed to transfer the property to your son. However, if the lender comes to know about the transfer of the property, then he would want your son to refinance the mortgage in his name.