Title Changing On A Property.
hello all, am a newbie investor, but have a question about my parents house.. Don't know what forum to post it in so if anyone knows a better one to post it in please let me know..
Anyhow, i live with my parents in a home they bought a number or years ago. It is obviously titled to them since they bought it. For the past few years i've been helping with the mortgage payments since i've been working and finished college, and mainly because my dad dosn't work.. My parents want to add me as an equal 1/3 house owner since they need help continuing paying the mortage and the fact that i will be living there permantly since they gonna retire soon.
There is still plenty of loan to be paid off, infact almost as much as they bought it for when you count in some other bills they have.
How exactly do you go about doing this. Do you contact the title company and/or the mortgage company.?? what are the steps we need to take to do this...
thanks in advance... this forum is great !!
all help is appreciated...
Your parents can quit claim you to be a third title holder. You can even get the form in the freebie section on this web site. You have to have it notarized and recoded at the court house. If you not comfortable doing this, you can call any real estate attorney or paralegal wil be happy to help you with a small fee.
Can a grandmother quit-claim a percentage of her property to her grandson? Also, is there a limit to the amount of people who can be placed on a mortgage and considered title holders? If so, could such a move effect the grandson's tax and credit status negatively or positively?
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[ Edited by cjay200 on Date 09/27/2003 ][ Edited by cjay200 on Date 09/27/2003 ]
Yes, a grandmother can quit claim to her grandson. Infact, anyone can quit claim to anyone. There is no limit to the number of individuals that it can be quitclaimed to.
Changing the title does NOT change the mortgage, though. YOu would have to get a new loan / refinance to change that agreement.
Unfortunately, I don't know the answer to your other question.
Actually, I do know that answer....
The credit status would not change, since the grandon is NOT on the mortgage. The tax status would change. He would be part owner of the home, and could deduct his prtion of the property taxes, etc. He could not deduct interest, since he does not have a mortgage.
Hope that helps.
Quote:
On 2003-09-26 20:41, SmileyFace wrote:
Your parents can quit claim you to be a third title holder. You can even get the form in the freebie section on this web site. You have to have it notarized and recoded at the court house. If you not comfortable doing this, you can call any real estate attorney or paralegal wil be happy to help you with a small fee. <IMG SRC="images/forum/smilies/icon_wink.gif">
Hey guys, thanks for the advise... I looked at the "quit claim deed" in the freebie section on this site. Is this like a generic form or is there a specific one for each state. Does doing this automatically retitle the property??
Sorry for the newbie questions, i've never been a homeowner...
thanks again everyone !!
Also,
1 more thing.. are there any tax ramifications to this?? would it be considered a gift???
thanks..
I don't think it is considered a gift. You will not have any benefit of being on the title (except that you can live there).