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can i give my house away

Can i sign my house over to my tenant, basically say, here you are its all yours free of charge, also sign the mortgage over at the same time and it be verified and legal by a solicitor.

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi gillianlinnell!

Welcome to MortgageFit Forums!

You will have to sign a quitclaim deed in your tenant's name and the property will be his/hers. However, if you mention the clause of "life estate" then you will have the right to stay in the property until death.

In order to transfer the mortgage you will either have to go through the process of mortgage or ask your tenant to go for refinancing once you quitclaim the property to him/her.

Hope this helps you.

Thanks,

Jerry

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gillian.linnell's picture
gillian.linnell | Joined: September 24, 2008 03:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jerry,

So, My existing mortgage, would my tenant have to apply for a takeover with my existing mortgage company or is it something a solicitor would sort out?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi gillianlinnell!

Welcome to MortgageFit Forums!

It is better that both of you should consult an attorney in this regard. Generally [url=http://www.mortgagefit.com/refinance.html]refinance[/url] can be done once you quitclaim the property. However, an attorney can guide you in a better way.

Hope this helps you.

Thanks,

Jerry

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gillian.linnell's picture
gillian.linnell | Joined: September 24, 2008 03:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes it does help, thank you for your time.

Regards
Gill

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

the first step is to find out if your mortgage is assumable. if it is assumable at all, the lender will have to determine that your tenant is qualified. if the tenant is qualified, you could do what you propose.

however (and this is a big however), assumable mortgages still hold you liable. in other words, since your name is on the note, you are still liable for payments until the loan is paid in full.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi George,

Most interesting information, i think i will use this as a last resort. Its was just a thought i initially had.

Thanks for responding though
Regards
Gill

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can i give my house to someone i think highly of .I own the house outright

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dennis, if you get to know me....you may find that I am worthy as well. Even my mother in law thinks highly of me.

Joking aside, you can give the house to someone but you will need to make the changes on the deed.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can i give my house to my mother and move into a rented house but claim benefit as im not working

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robertcampbell07's picture
robertcampbell07 | Joined: August 25, 2009 10:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

pl specify benefits you are referring to.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been diagnosed with cancer and have months rather than years to live and I was thinking about giving my house to them to avoid taxes when I die, is this possible

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Susan,

You can definitely transfer the house to your daughters as gift. You can sign a quit claim deed as a grantor and transfer the ownership to your daughters (the grantees). You are entitled to an annual gift tax exemption of $13,000 and a lifetime exemption of $1million. Thus, you can avoid paying taxes if you transfer the property to your daughters as gift.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ,
I want to give my house away and want to know how to exactly i see the word quit claim a lot please explain ? I need help outta this place . And the mortgage company claims I can only give it away to a family member but I don't want to do that.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Katelynn,

As there is a mortgage on the property, it will be better if you could use a quitclaim deed to transfer the property to someone else. You should make sure that the person who takes over the property also refinances or assumes the mortgage in his name.

Thanks

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opondo_moses1's picture
opondo_moses1 | Joined: October 22, 2012 12:16 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

quitclaim are mostly used to transfer property between family members.Maybe that is why the mortgage company wants you to give it away to a family member.However quitclaim can also be used when giving out property as gift, placing personal property into a business or during divorce.

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