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cool_click_1 · Joined: 19 Jan 2010 Posts: 1 1.34 Dollars($)

I currently own a house in CA and I want to transfer all interests and liabilities to my son. Since we are not in a rush to make the transfer, I was thinking to add him to the deed and later have him take me out. I don't know how to transfer the current loan to him as I think is not assumable. He can't qualify for a loan as his income is not enough. I was thinking on just leaving the loan under my name so that I can help him with the payments until he can qualify for one himself. I appreciate any advise....

smithsussane · Posted: Tue Jan 19, 2010 11:15 pm Post subject:

Hi cool_click!

Welcome to forums!

You can use a quit claim deed in order to add your son to the property deed. In the deed, your name will be mentioned as the grantor of the property whereas both your name and your son's name would be mentioned as the grantee to the property.

You can leave the loan in your name. However, when you transfer the property completely to your son, he should refinance the loan in his name.

Feel free to ask if you've further queries.

Sussane

Guest

Hello Smithsussane,

In other words, I can add my son to the deed without having the lender demand full payment. My wife and I are on the deed and we took title as "Community Property," how will the title vest after we add him?

Thanks,

David

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How could I transfer my property to my son?