Posted on: 30th Jul, 2007 06:53 am
My wife and I purchased a condo for our school teacher daughter a few years ago. She pays for and lives in the condo and has been asked to serve on the owner's board. The association rules are that her name must be on the title. Can we transfer a partial interest in the property to her so that her name is on the title - without refinacing and such. Any recommendations? Thank you.
hi cardelli,
if partial interest is transferred in your daughter's name then lender can ask for the mortgage to be refinanced as title ownership will change.
but you should inquire with your lender if he will allow the transfer without requiring a refinance.
if partial interest is transferred in your daughter's name then lender can ask for the mortgage to be refinanced as title ownership will change.
but you should inquire with your lender if he will allow the transfer without requiring a refinance.
Hi Cardelli,
You can transfer your partial property to her by using a quitclaim deed. But for adding her to the title, you will have to refinance the loan in any way. The lender will not listen to it as the title was held differently from the time the loan was taken.
You can transfer your partial property to her by using a quitclaim deed. But for adding her to the title, you will have to refinance the loan in any way. The lender will not listen to it as the title was held differently from the time the loan was taken.