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ankng3 · Joined: 13 Aug 2009 Posts: 3 2.12 Dollars($)

I am considering quit claiming my home to my parents,
The home is mortagaged, and I understand that I will remain responsible for the payments until paid off. I have a good bit of equity in the home and want them to have the interest in the home. They will not be able to buy it or refinance it , so what would be the benefit of the quit claim to them. Thank you in advance

gmakerley · Posted: Fri Aug 14, 2009 8:14 am Post subject:

this is a very convoluted question. ankng3 - you are the one who stated "i am considering quit claiming my home to my parents."

are you considering this for any particular reason? is it simply because you heard of this thing called "quit claim" and decided it would be a worthwhile thing to do?

the reason for that question is that you go on to ask "what would be the benefit of the quit claim to them."

i think that's something that you and they would have to decide before you give this transaction any further consideration. the definitive, obvious benefit is that it would allow them to (potentially) share in any equity you may have now or in the future in that property.

my suspicion is that you have only begun to "consider" this because you have your own idea of what benefit it would be. in that case, i wonder why you bother to pose the question at all.

Posted: Fri Aug 14, 2009 10:03 am Post subject: quit claim deed

mr akerley, the reason is I own them a good bit of money and I was wondering how that would benefit them as far as the equity in the home. Thanks anyway, I am sorry you feel I am stupid for asking.ankng3

gmakerley · Posted: Fri Aug 14, 2009 10:23 am Post subject:

i certainly didn't try to intimate that you are "stupid" for asking this question. but the tone of your question was very difficult to figure out. knowing that you owe them money would have led me down a completely different path.

if your plan is to pay them back by adding them to your property as owners, i would say that's not a good decision for you to make. you're better off making an arrangement to pay them back in installments - sign a note if you feel that's necessary. since it's your parents, you can undoubtedly be more informal than with someone else, but that's your call.

i hope my new answer is more helpful to you. it's just that you didn't supply enough information in your inquiry to begin with.

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