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I reside in the state of Arkansas. A friend of mine has a new job in another state. He owns a beautiful home here in AR (3700 sq. ft.) but has not been able to sell it after putting it on the market for over a year. I want to purchase the home in about a year (2011) after I've improved my credit score and will be eligible for a lower interest rate. In the interim, he has to leave for the new job in two months (June 2010). At that time I'd like to take the house over (without purchasing it just yet). I don't want to just lease it as I'd like to have my proposed $1700/mo. payments count for SOMETHING. We're wondering what we can do to transfer ownership or something to me, while he still maintains his rights to the in the home? The home would still be in his name, but we'd draw up some sort of Lease to Purchase deal. In addition, since he will want to purchase a new home where his new job is located we're wondering if a quitclaim deed or assignment to me would somehow take the full financial burden off of him so that his credit report won't show that he has this huge house debt ($240,000), when I'll actually be the one paying the mortage? What can we do?? THANKS SO MUCH FOR ANY FEEDBACK OFFERED!

adonis · Posted: Sun Apr 18, 2010 10:28 pm Post subject:

Welcome Shari,

You can go for a lease to purchase agreement in order to get the property. You can contact your attorney and get the deal drafted from him. As far as quit claim deed is concerned, it will only transfer the property to you but it won't release him from the liability of the loan.

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HELP!- QuitClaim Deed or Assignment or WHAT do I do?