Posted on: 12th Feb, 2007 02:26 pm
If two friends (unmarried) own a home and one wishes to transfer his full title to the other person so that only one person's name is on the deed, how is this done? Both names are on the mortgage as well. The property in is New Jersey Cape May County...fyi.
hi crd,
the easiest way to do this is to use a quit claim deed. the person who will give up his interest in the home is called the grantor and the other person is called grantee. grantor will make out the quit claim deed to transfer his interest to grantee.
the easiest way to do this is to use a quit claim deed. the person who will give up his interest in the home is called the grantor and the other person is called grantee. grantor will make out the quit claim deed to transfer his interest to grantee.
Crd, let me add that before the home is given to the other friend the lender should be informed about your plan of property title change.
He has the mortgage over the house and should be aware of any changes in the ownership.
Also, even after quit claiming his interest in the home to his friend, the other friend will remain on the mortgage.
The friend getting the home can get the mortgage refinanced in his sole name, after which the other friend will be removed from the obligation of paying the mortgage.
He has the mortgage over the house and should be aware of any changes in the ownership.
Also, even after quit claiming his interest in the home to his friend, the other friend will remain on the mortgage.
The friend getting the home can get the mortgage refinanced in his sole name, after which the other friend will be removed from the obligation of paying the mortgage.
Hi Crd,
Welcome to Mortgagefit discussion board.
I also agree with a00nonymous, you can use a quit claim deed for such transfer of ownership of the home.
You can go through this page to know more about quit claim deeds and how to create one for ownership transfer: http://www.mortgagefit.com/quitclaim-deed.html.
Thanks
Blue
Welcome to Mortgagefit discussion board.
I also agree with a00nonymous, you can use a quit claim deed for such transfer of ownership of the home.
You can go through this page to know more about quit claim deeds and how to create one for ownership transfer: http://www.mortgagefit.com/quitclaim-deed.html.
Thanks
Blue
"Both names are on the mortgage as well."
The lender will allow the friend getting the home to refinance the mortgage in his name provided he is able to qualify as per lender's requirements for the refinance.
The lender will allow the friend getting the home to refinance the mortgage in his name provided he is able to qualify as per lender's requirements for the refinance.