can i give my house away

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Icon Mini Profile gillianlinnell





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Post Posted: Wed Sep 24, 2008 3:28 am    Post subject: can i give my house away
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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.
Icon Mini Profile jerry
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Post Posted: Wed Sep 24, 2008 4:11 am    Post subject:
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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
Icon Mini Profile gillianlinnell





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Post Posted: Wed Sep 24, 2008 4:16 am    Post subject:
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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?
Icon Mini Profile jerry
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Post Posted: Wed Sep 24, 2008 4:43 am    Post subject:
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Hi gillianlinnell!

Welcome to MortgageFit Forums!

It is better that both of you should consult an attorney in this regard. Generally refinance can be done once you quitclaim the property. However, an attorney can guide you in a better way.

Hope this helps you.

Thanks,

Jerry
Icon Mini Profile gillianlinnell





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Post Posted: Wed Sep 24, 2008 4:44 am    Post subject:
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yes it does help, thank you for your time.

Regards
Gill
Icon Mini Profile gmakerley
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Post Posted: Wed Sep 24, 2008 10:26 am    Post subject:
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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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Post Posted: Thu Sep 25, 2008 12:31 am    Post subject:
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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
dennis

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Post Posted: Fri Feb 06, 2009 1:48 pm    Post subject: my house
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can i give my house to someone i think highly of .I own the house outright
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Post Posted: Fri Feb 06, 2009 7:22 pm    Post subject:
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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.
deon stewart

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Post Posted: Wed Aug 26, 2009 10:13 am    Post subject: can i give my house to my mother
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can i give my house to my mother and move into a rented house but claim benefit as im not working
Icon Mini Profile robertcampbell07





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Post Posted: Wed Aug 26, 2009 10:23 am    Post subject:
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pl specify benefits you are referring to.
Susan Parkin

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Post Posted: Fri Mar 26, 2010 7:20 am    Post subject: giving house to daughtersq
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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
Icon Mini Profile jenkin7
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Post Posted: Sat Mar 27, 2010 12:34 am    Post subject:
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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.
Katelynn

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Post Posted: Fri Apr 05, 2013 4:01 pm    Post subject: I don't want my house and wanna give it away
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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.
Icon Mini Profile jameshogg
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Post Posted: Sun Apr 07, 2013 10:13 pm    Post subject:
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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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