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Giving me house to a family member

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d_russo Joined: 29 Mar 2010 Posts: 1 1.30 Dollars($)	Posted: Mon Mar 29, 2010 3:08 pm    Post subject: Giving me house to a family member Like 0 Dislike 0 I own a townhouse in IL and my aunt is taking it over but because of the economy right now she can not get a mortgage so more or less its like she is renting from me at this point. What is the smartest thing to do in order to protect both of us? I would like my name to have nothing to do with the house anymore but not sure if they only way to do that is too sell? Any Advise?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 29, 2010 8:50 pm    Post subject: Like 0 Dislike 0 Hi d_russo! Welcome to forums! As your aunt will not be able to take over the mortgage, it's better to let your name remain on the mortgage as well as the property deed. You can add her name to the deed by signing a quit claim deed. Once she is able to take over the mortgage by refinancing, you can transfer the property title to her. For further advice on this issue, have a word with your real estate attorney. Feel free to ask if you've further queries. Sussane

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