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Name withdrawal from property

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guest2010 Guest	Posted: Mon Sep 20, 2010 4:34 am    Post subject: Name withdrawal from property Like 0 Dislike 0 My brother and I have co-owned a house in California for over 10 years but I have been paying the mortgage alone (30 year mortgage). Now he wants nothing to do with the property and transfer complete ownership to me. What is the procedure? Does he need to sign a quitclaim deed? How to remove his name from property title? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Sep 21, 2010 12:03 am    Post subject: Like 0 Dislike 0 Welcome guest, Your brother will have to sign a quit claim deed and transfer the property to you. This will help you in removing your name from the property deed. Once he does so, you will have to refinance the mortgage, if any. _________________ Procrastination is the enemy of your financial success
guest2010 Guest	Posted: Tue Sep 21, 2010 6:30 am    Post subject: Like 0 Dislike 0 Adonis, thanks for your adivice. My brother wants me to pay him an amount of money (50K) before he signs quitclaim deed. Can I just pay him cash or should there be some paper work done? We refinanced 6 months ago. So after the deed is signed, can I refinance again to have my name only on the loan?
chrismcdow Guest	Posted: Tue Sep 21, 2010 8:18 pm    Post subject: transfer of property Like 0 Dislike 0 My mother passed away two years ago, she had a piece of land that she sold to a party while she was still living. The said property was not in my name, I am sole heir,how do I give title or deed to the buying party?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Sep 21, 2010 10:22 pm    Post subject: Like 0 Dislike 0 Hi! Welcome to forums! To guest, It won't be a good option to give your brother such a large sum of money prior to signing of the deed. Both signing of the deed and paying of the money can go hand-in-hand. You should contact your lender and apply for a refinance. If you meet the required criteria of the lender, you'll be able to get a mortgage refinance. To chrismcdow, You've mentioned that the property was sold by your mother when she was living. So, in that case, you don't have to transfer the property once again. Feel free to ask if you've further queries. Sussane

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