Home ownership transfer

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Angie

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Post Posted: Fri Feb 16, 2007 1:48 pm    Post subject: Home ownership transfer
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Hi, my name is Angie and I live in Denver, CO. My grandmother had to move from El Paso, Tx here. She owns a home out there that we can no longer take care of. My grandmother wants to sign the house over to me as she is getting sicker. Can I sell the home with a quick deed?
pat

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Post Posted: Fri Feb 16, 2007 1:58 pm    Post subject:
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Hi Angie,

Quick claim deed is used for transfer of ownership of a house. After your grandmother transfer the house over to you with the help of a quit claim deed, you would be able to sell it.

But for selling, it is not necessary for it to be transferred first to you and then being sold. It can be sold while it is in your grandmother's name.
yourgrau

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Post Posted: Fri Feb 16, 2007 2:06 pm    Post subject:
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Quote:
Can I sell the home with a quick deed?

Angie, its Quit Claim Deed instead of quick deed Smile

Yes, after you get the house from your grandmother you can sell it using a quit claim deed. A quit claim deed can be used for transferring property to someone without value (considered as a gift) and also for the full value of the property.
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Post Posted: Fri Feb 16, 2007 5:45 pm    Post subject:
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Hi Angie,

Welcome to Mortgagefit discussion board.

Please go through this page to know more about the procedure of making a quit claim deed - http://www.mortgagefit.com/quitclaim-deed.html

Thanks
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Icon Mini Profile Samantha
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Post Posted: Fri Feb 16, 2007 11:03 pm    Post subject: RE: sell home with quit claim deed
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Hi Angie,

Welcome to the forum.

Once you get the property ownership through quit claim deed, and there is no co-owner on it, you can sell the property without any obstruction.

If your grandmother is planning to give away her entire property to you, then you are the sole owner and hence you can sell it. Otherwise, if there would have been a co-owner, then it would not have been that easy. Either you had to file a lawsuit to sell the property without the consent of the co-owner, or else you would have to decide the sale proceeds between you and the co-owner.

Hope this will help you to some extent.

God bless you.

Samantha

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Elizabeth

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Post Posted: Tue Jul 15, 2008 10:11 am    Post subject: Homeownership transfer
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If i want to transfer my house to somebody what happens to the balance due
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Post Posted: Tue Jul 15, 2008 4:02 pm    Post subject:
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most mortgages these days are not assignable. If it's a family member what you want to do is a non arms length transaction using a gift of equity for them to get qualified for their own loan.

Let me know if you need further information about this.

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Latoya

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Post Posted: Sat Sep 13, 2008 6:54 am    Post subject: Transfer home as a gift
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Home is currently in my name and there is a mortgage. Home do I transfer home a gift. The person the home will be transfer to have lots of debt. Is there anyway to transfer the same mortgage to that per name. Also, they have paid the mortgage ever since it has being in my name.
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Post Posted: Mon Sep 15, 2008 11:51 pm    Post subject:
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Hi Latoya,

There may be a couple options here. First, you cannot transfer the mortgage that is in your name to another person. You will have to have them purchase the home or they may be able to refinance it since it sounds like they may be living in the home currently. If they are family, you may be able to do a gift of equity to them allowing them to purchase the home with no down payment and it would be treated like a refinance by being able to used the appraised value. Of course there are many variables from here that would need to be looked at to determine the best way to proceed.

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Reynaldo Gallo

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Post Posted: Sat Jul 10, 2010 10:31 pm    Post subject: when to transfer home ownership, to pay least amount of tax
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Mother getting on in years, owns home free and clear, what and when would be the best way to transfer home owership?
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Post Posted: Mon Jul 12, 2010 4:37 am    Post subject:
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Hi Reynaldo,

Your mother can use a warranty deed in order to transfer the property to you as the home is free and clear. She can do it now and even mention the clause of life estate in her name which will give her the rights to stay in the property until death. After her death, the clause will become null and void.

Take care.
sleighrich in Tennessee

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Post Posted: Sun Nov 21, 2010 10:33 am    Post subject: Transfer of home ownership
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I have POA over my grandmother, who is in the nursing home. She owns her home & land FREE and CLEAR. How do we get the home & land transfered into my name?
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Post Posted: Mon Nov 22, 2010 2:16 am    Post subject:
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Hi sleighrich,

If a ladybird deed is valid in your state, then you can use a ladybird deed to transfer the property in your name. If your grandmother is not taking the advantage of Medicaid benefits, then she can transfer the property to you with the help of a warranty deed.

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