Refinance vs. Quit Claim Deed

stebu407 · Joined: 04 Feb 2008 Posts: 1 1.27 Dollars($)

Friend and I bought property together however I was outside state at time financing was done. We want the house in both our names with right of survivorship. Can this be done with a quit claim deed or will it be necessary to refinance the property in both our names?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi stebu.

Welcome to the forum.

Both you and your friend have bought the house right. So whose name is on the deed and who is on the mortgage?

If you are not on the deed and the mortgage then your friend can use a quitclaim deed to add you on the deed and can also refinance to add you on the mortgage documents.

Quitclaim deed only transfers the ownership but does not transfer the financial obeisance. So to add you on the mortgage your friend will have to refinance.

Feel free to ask if you have any further questions.

Best of luck.
Larry

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