Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Quit Deed

Posted on: 04th Oct, 2010 04:09 pm
my niece is going through a divorce. they both do not want the house anymore and wants to do a quit deed with me and my husband. we will sign and get notarized. the papers will be submitted to the clerk of court with the county. my niece still has a mortgage on the house. i read a little bit in the forum and understand the interest will be transfer. i need a more clarification on the interest being transfered and will my husband and i have rights to sell the house later without my niece.
Hi hnika!

Welcome to forums!

As the property will be transferred in your name, you and your husband will be able to sell off the property without your niece. You've mentioned that your niece has a mortgage on the property. In such a situation, when the property transfer takes place, you'll have to refinance the mortgage in your name.

Feel free to ask if you've further queries.

Sussane
Posted on: 04th Oct, 2010 09:04 pm
Hi Sussane!
Thanks for your response and time. So your saying "after the quit deed is done to transfer interest, we will have to get the mortgage part (loan) transfered or refinance in our name also from my niece before we can sell the house later"? Right? Is there a name of this second process?
Posted on: 05th Oct, 2010 08:26 am
Hi hnika,

You can sell off the home though your niece is on the mortgage provided your name is mentioned on the property deed. However, after the sale of the property, the loan on the property should be paid off immediately.

Thanks
Posted on: 06th Oct, 2010 12:14 am
Page loaded in 0.077 seconds.