Posted on: 04th Feb, 2008 12:43 pm
friend and i bought property together however i was outside state at time financing was done. we want the house in both our names with right of survivorship. can this be done with a quit claim deed or will it be necessary to refinance the property in both our names?
Hi stebu.
Welcome to the forum.
Both you and your friend have bought the house right. So whose name is on the deed and who is on the mortgage?
If you are not on the deed and the mortgage then your friend can use a quitclaim deed to add you on the deed and can also refinance to add you on the mortgage documents.
Quitclaim deed only transfers the ownership but does not transfer the financial obeisance. So to add you on the mortgage your friend will have to refinance.
Feel free to ask if you have any further questions.
Best of luck.
Larry
Welcome to the forum.
Both you and your friend have bought the house right. So whose name is on the deed and who is on the mortgage?
If you are not on the deed and the mortgage then your friend can use a quitclaim deed to add you on the deed and can also refinance to add you on the mortgage documents.
Quitclaim deed only transfers the ownership but does not transfer the financial obeisance. So to add you on the mortgage your friend will have to refinance.
Feel free to ask if you have any further questions.
Best of luck.
Larry
Hi,
You have not mentioned clearly about the persons name on the property deed and the mortgage. If your friend quit claim the property in your name, it will not allow to be on the mortgage and your friend will only be liable for the mortgage. Your friend needs to refinance the loan in both names after the quit claim. Consult with a good attorney and also with your lender to know about the procedure.
You have not mentioned clearly about the persons name on the property deed and the mortgage. If your friend quit claim the property in your name, it will not allow to be on the mortgage and your friend will only be liable for the mortgage. Your friend needs to refinance the loan in both names after the quit claim. Consult with a good attorney and also with your lender to know about the procedure.