 sheilaramirez
Joined: 04 Nov 2009
Posts: 1
1.35 Dollars($)
|
 Posted: Wed Nov 04, 2009 10:16 am Post subject: Is a quit claim deed the best and easiest way to transfer ti |
|
|
| My mother has title to a vacation home she wants to give to me and my husband since my father's recent passing. She has title to the house and it is paid in full, however there is an open equity line of credit on the house. We have agreed to pay the remaining balance on the equity line that will remain in her name for the next year until we can pay it off, but does that prevent her from quit claiming the house to us so we show as the new owners and take title of the house? We agree to pay all taxes, etc and will draft something in a legal document, but would a quit claim deed work as well? thanks for the information and assistance!! |
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
|
| Posted: Wed Nov 04, 2009 12:05 pm Post subject: |
|
|
sheila, you can certainly use a quit claim deed inasmuch as it is family, though you would certainly also want to check title to ensure there no liens that will snap up and bite you. also, with a transfer of title, the lender is going to want to be paid in full if they learn of it. as long as you continue paying the credit line and eventually pay it in full, you are not likely to have to worry about that part of the deal.
i know you'll say your Mom wouldn't have any liens, but it is possible that things can happen without someone's knowledge - that's my rationale behind suggesting a title search.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
