Compare Mortgage Quotes

Guest

My parents want to move into senior living housing but cannot sell their condo. Can they transfer the deed to me as their child and be removed from their mortgage responsibilities? Is there any payment that needs to be made from me the receiver at the time of the transfer?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

sramaswamy

Welcoem to the forum

Yes your parents can give you quitee claim deed and you will own the property.

But this does not release them from the loan. They are still responsible for making the payment

You can ask for Novation and have the property and the loan transfered in your name. Catch is, you need to show enough income to qualify for the loan and bank need to approve this

Good luck and feel free to ask

jenkin7 · Posted: Mon Jun 22, 2009 9:08 pm Post subject:

Hi Sramaswamy,

Your parents can transfer the property deed to you through a quitclaim deed. But that is not going to release their liabililty towards the loan. If you refinance in your name, your parents can be free from the responsibilities of the mortgage. You do not have to make any payments at the time of the transfer. Certain fees like stamp doc fees, recording fees are to be paid to record the deed. But if your parents can afford, they can pay it for you.

Guest

how can my dad transfer title of deed to me his daughter? property is in New York

jameshogg · Posted: Sun Jan 23, 2011 10:56 pm Post subject:

Hi sandra,

If the property is free and clear, then your father can sign a warranty deed and transfer the property to you.

Thanks

circusmidget1123 · Joined: 26 Jan 2011 Posts: 13 2.48 Dollars($)

Sandra, if the property is free and clear, an escrow company can handle it for you.

Compare Mortgage Quotes

deed transfer

Helpful References

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1