Posted: Tue Mar 13, 2007 5:33 pm Post subject: no worries
sorry, i wrote my question in the answer selection. I want my home out of my name! My sister is willing to take over the payment. Do I use quit claim deed or warranty deed or both of them _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
You will have to use a quit claim deed to transfer the property in your sister's name. Both, quit claim deed and warranty deed are used to transfer of ownership but in different situations.
A warranty deed is used when the grantor warranties a clear property title which is not possible for you as there is a mortgage. In such situation a quit claim deed will have to be used.
Quote:
Do I use quit claim deed or warranty deed or both of them
You will have to use a quit claim deed. And even if there was no mortgage or any other type of lien on the property both types of deeds are not used together. Any one type of deed can be used for purpose of transferring the ownership to other person.
But let me tell you another thing, transferring the house to your sister will not have any affect on the mortgage. You will still be liable for the mortgage. As your sister is willing to take it over ask the lender about possibility of the mortgage being refinanced in her name. Lender probably will allow a refinance depending on her credit score and financial status.
Posted: Tue Mar 13, 2007 11:25 pm Post subject: RE: take name off home and get rid of payments
Hi Kay,
If you are willing to take your name off the home, then you may use a quit claim deed. Had the title been free of any lien, I would have advised you for a warranty deed. But you have a loan taken against the home; in such a case, using a quit claim deed will be appropriate.
Posted: Tue May 27, 2008 1:04 pm Post subject: Quit claim
I am getting divorce my wife will keep one house but the house is on my name only. She wants to make the payments and have the house on her name. what do I need to do?
You can simply quitclaim the property to her and you can even ask her to pay you for your share of equity. BTW she needs to refinance the mortgage on her name only to release you from the mortgage liability. You also need to inform the lender before quitclaiming the property to your wife.
Feel free to ask if you have any further questions.
Both situations require a quit claim deed, removing one person from a property in favour of another. Consult a property attorney on the best way to go about this and to make it binding. Good Luck! _________________ http://www.ezylet.co.uk/ the property rental network.
colin
