How do you quit claim a home to a relative?Details: Son is living with mom, mom is disabled & has no income so son is paying mortgage, son wants ownership since he is paying for it anyway & mom wants him to have it since she can't afford it. The house has been refinanced several times and isn't worth much more than what is owed. How does the son get ownership of the house for what is owed? Can he just go to a title company for a quit claim deed? What about the mortgage part, does he just apply as if he were buying a home on the market? Is there a "closing" involved?
They live in Indiana
Ken
Contact a mortgage broker who will help him with the mortgage. The title company will handle the closing. No problems. The short answer is, you are exactly right. He just needs a quitclaim deed and a mortgage to pay off the existing liens.
alterfemego
I would consult with an attorney to draw up a "quit claim deed". Both parties must sign it and it needs to be recorded. Most attorney's don't charge much for it. Or visit a title company and ask them to help you with it, they also will charge a fee. I would call the lender to see if he can be added to the mortgage. Again papers to sign I'm sure.
Best of luck!
Suzy
He can hire a real estate attorney or go to legalzoom.com for the forms. Take the completed forms to the land office and have them recorded. He does not have to change the mortgage, in fact, I'd just leave it alone and continue to make the payments. Since he will own the home, he will be able to deduct the interest.
S.B. Noone
Laws and procedure differ depending on where you live.
Where do mom/son live?
Shane Milne
If he wants on the mortgage then he will have to refinance it (no need to purchase it since he's living there and has been making the payments), but as far as getting added to title, that is correct, a local title company can help you draft the quit claim deed and inform you how to properly complete it. Your county's recorders/clerks office can probably help out for cheaper, but not might not give as much advice as a title company (who will likely add a fee in addition to the recording/notarization fee). I also advise the son/mom to consult the mortgage company to inform/ask them about the son being added to title, most won't have a problem with it, but if there is a "due on sale" clause in the mortgage then it is a possibility (albeit very small) the mortgage lender can call it due (meaning they'd need to refinance or sell).
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