Posted on: 07th Feb, 2007 07:11 am
I need to know what a quick claim will do to make this happen
hi joann,
welcome to mortgagefit forum.
if property is in your name and you want to transfer it to someone else then a quit claim deed can be used. but if you have taken a mortgage, it will remain in your name. you will either have to pay it off or the new owner of the property would be required to refinance it in his name.
the property transfer will be complete after you fill up the quit claim deed form as the grantor, get it notarized and recorded with the county recorder's office.
colin
welcome to mortgagefit forum.
if property is in your name and you want to transfer it to someone else then a quit claim deed can be used. but if you have taken a mortgage, it will remain in your name. you will either have to pay it off or the new owner of the property would be required to refinance it in his name.
the property transfer will be complete after you fill up the quit claim deed form as the grantor, get it notarized and recorded with the county recorder's office.
colin
Another important thing is that as there is a mortgage the lender must be informed about the property transfer. Some mortgages have a due on sale clause which would require you to pay off the loan if there is a change in title ownership. Ask the lender if you would be allowed to transfer the property without having to pay off the loan in full.
JS Milne
JS Milne
Joann, it is also possible that the lender will allow the new owner to get the mortgage refinanced in his name. But for that he should be able to qualify as per the requirements set by lender.
Joann, a quit claim deed can remove name from title to the property but not the loan against the same property.
Hi Joann,
Welcome to our forums.
The quit claim deed mentions the names of the grantor (one who transfers property) and the grantee (to whom property is transferred). It also provides space where the grantor can give a description of the property. The deed states in writing that property is transferred from the grantor to the grantee.
You will get a form of the deed at http://www.wsba.org/info/x-12c.pdf . It is just a standard format. You may have to modify the format as per your requirements. For this, you need to consult an attorney as it is a legal transfer.
Thanks,
Caron.
Welcome to our forums.
The quit claim deed mentions the names of the grantor (one who transfers property) and the grantee (to whom property is transferred). It also provides space where the grantor can give a description of the property. The deed states in writing that property is transferred from the grantor to the grantee.
You will get a form of the deed at http://www.wsba.org/info/x-12c.pdf . It is just a standard format. You may have to modify the format as per your requirements. For this, you need to consult an attorney as it is a legal transfer.
Thanks,
Caron.