My sister is walking away from everything and giving me her house and car, what do i need to do?

DominicaH2008 · Joined: 24 Oct 2008 Posts: 1 1.32 Dollars($)

My sister is walking away from everything and giving me her house and car, what do i need to do?..Joshua can u help me please, i need to know the best way to go with this? My sister is giving me her brand new house and her car, what do i need to do for it to be legal in Tennessee?

smithsussane · Posted: Fri Oct 24, 2008 9:25 pm Post subject:

Hi DominicaH!

Welcome to forums!

You can ask you sister to sign a quitclaim deed in your name and transfer the ownership rights to you. You will have to then notarize it and record it at the county recorder's office. Once this is done, you can refinance the mortgage on the house and the car, if any.

Feel free to ask if you have further queries.

Sussane

jheard · Posted: Sat Oct 25, 2008 6:34 am Post subject:

Get a deed for the real estate. I recommend a Grant Deed in this situation. For the car, go down to your state titling agency and complete their paperwork to transfer title.

bearboysj · Joined: 25 Oct 2008 Posts: 42 17.02 Dollars($)

I have to add that a lot of lenders will not allow someone to refinance a home where the mortgage is being paid off is not in the borrowers name - In this case, the mortgage is in her sisters name so when she goes to refinance, she may not be able to do that - simply being grant deeded or quit claimed is not going to be good enough - You will be required to show a continuity of obligation in order for lenders to treat it as a refinance and not a purchase. I would suggest doing a refinance with her on the loan which gets you on the mortgage, then later down the road you can refinance again and remove her.

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