Adding person to deed

juliafincher · Joined: 21 Jun 2007 Posts: 1 1.38 Dollars($)

Can you tell me if your parents want to add you to the deed - either transfer ownership fully or just add me as another individual who is legally responsible for the property - is a quit claim deed the way to go?

colin · Posted: Thu Jun 21, 2007 1:59 pm Post subject:

Hi Julia,

Welcome to Mortgagefit forum.

Yes in both situations a quit claim deed can be used. It can be used for transfer of complete or part interest in property to someone else.

Colin

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.40 Dollars($)

blue · Posted: Thu Jun 21, 2007 2:12 pm Post subject:

Hi Julia,

Welcome to Mortgagefit discussion board.

As others have stated, use of quit claim deed is quite common if someone is to be added to the title of the house. Quit claim deeds are frequently used in inter-family transfer of property interest.

If you would like to get more information about how quit claim deeds are used for property transfer then please go through this page: Transferring property-interest through Quit Claim Deed.

Do let me know if you have any other questions.

Thanks
Blue

Guest 0.10 Dollars($)

"Can you tell me if your parents want to add you to the deed - either transfer ownership fully or just add me as another individual who is legally responsible for the property - is a quit claim deed the way to go?"
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There should not be any problem with it Julia. Your parents can use a quit claim deed to add your name to the title of the house.

0.10 Dollars($)

The issue is NOT whether you can accomplish the title “transfer” but whether it will activate the “due on sale” clause – make the entire principal balance due and payable. That’s not a happy situation.

For some reason this site wants to keep folks ignorant of Fannie guidelines that are available “free” on the Internet (this is the reason why I won’t participate as a “named” individual). Their choice but I would ask the company handling your mortgage how to gain access and then look at the servicing guild II, 408.02. Most servicers follow FNMA and at least it will give you a basis to discuss the situation with your servicer, Personally I think you may have a problem.

colin · Posted: Thu Jun 21, 2007 5:16 pm Post subject:

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Julia,

If your parents do wish to add you to the deed, quit claim deed is possible under both conditions. You can also visit the page suggested by Blue to get more information on quit claim deed.

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