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Options to move a rental property

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virtuous Joined: 10 Mar 2010 Posts: 1 1.30 Dollars($)	Posted: Wed Mar 10, 2010 10:21 am    Post subject: Options to move a rental property Like 0 Dislike 0 Hi my name is Ann, I have a rental property that I am considering selling to a family member. I would like to remove myself from further obligations of the property but I want to know a good way to do it. He gives me $20K. My loan says that Assumption is not Novation, but I am not sure what that really means. Can you explain and possibly give me some options to consider?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Wed Mar 10, 2010 10:45 pm    Post subject: Like 0 Dislike 0 Hi virtuous! Welcome to forums! You can sell off the property to the buyer using a quit claim deed. As far as the loan is concerned, the buyer will have to refinance the loan in his name or go for a novation. It is the process of transferring the mortgage from one person to another. If the lender does not agree to a novation, then the buyer will have to refinance the loan. Feel free to ask if you've further queries. Sussane

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