Posted on: 02nd Feb, 2008 09:13 pm
my sister owns a property and i pay on it every month. so she wants me to take over ownership since i've been making payments for her. what can we do. i've looked into the quit deed? not sure about it and understand that it can't transfer title. anything that will transfer titile or will i need to refinance in my name only to do so. was hoping for an easy process to this situation. someone told me to quit claim and refinance in 6 mths? why do i have to wait 6mths? also, is quit claim right for our situation? hmm confused! thank you
Hi Dee,
There's nothing to worry. As far as a quitclaim deed is concerned, it will help your sister to quit her claims on the property and thus transfer title to you. So, you can use it. Know more on quitclaim... .
Regarding the loan transfer, it should be done by refinance because not all lenders agree or a simple transfer of the loan through novation.
"Someone told me to quit claim and refinance in 6 mths?"
This may be because the lender would like to see how creditworthy you are through your timely payments for 6 months. However, it's not mandatory that you have to wait for the time period. This will actually depend upon the lender you are working with.
Take Care
There's nothing to worry. As far as a quitclaim deed is concerned, it will help your sister to quit her claims on the property and thus transfer title to you. So, you can use it. Know more on quitclaim... .
Regarding the loan transfer, it should be done by refinance because not all lenders agree or a simple transfer of the loan through novation.
"Someone told me to quit claim and refinance in 6 mths?"
This may be because the lender would like to see how creditworthy you are through your timely payments for 6 months. However, it's not mandatory that you have to wait for the time period. This will actually depend upon the lender you are working with.
Take Care
Hi Dee,
Welcome to the forum.
I think your sister can use a quitclaim deed to transfer the property to you. But as you know, that will not transfer the mortgage. That is why, you should refinance the mortgage on your name to release your sister from the mortgage.
Feel free to ask if you have any further questions.
Best of luck.
Larry
Welcome to the forum.
I think your sister can use a quitclaim deed to transfer the property to you. But as you know, that will not transfer the mortgage. That is why, you should refinance the mortgage on your name to release your sister from the mortgage.
Feel free to ask if you have any further questions.
Best of luck.
Larry