question about transfer of home ownership from father to son

Guest

My father owns a home that has no lien or mortgage on it. He wants to transfer the ownership of the home to me for a yet to be determined price. We want to do this in a manner where it will look like I own the home without a lien or mortgage once the transfer of ownership has been completed.
Can we do this legally where he would transfer the ownership to me, have me make monthly payments to him, yet have it appear as though I own the home outright?
The reason we want to do it this way is so that I can take out an equity loan on the home to make necessary repairs and improvements.
Thanks!

Guest

Oops! I forgot to mention that this is taking place in Massachusetts.

jenkin7 · Posted: Sat Mar 14, 2009 1:21 am Post subject:

Hi dweenmachine,

To transfer the ownership of the home to you, you need to get a quitclaim deed or a warranty deed signed by your father. This will change the title in your name. Doing this won't be difficult as there is no mortgage or lien on the property. Once the property is in your name and you have a good income and credit, you can easily qualify for an equity loan.

dillabye · Joined: 13 Mar 2009 Posts: 1 1.28 Dollars($)

Thanks jenkin7
I thought this was the case, but it seemed too easy and I thought that I was missing something for sure. I just wanted to double-check and make sure that it was legal.
Thanks again!

jenkin7 · Posted: Thu Mar 19, 2009 2:44 am Post subject:

Hi dillabye,

You are welcome.

However, if you have further queries, feel free to ask.

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