basically my family bought a house 2 years ago, because i was the only one working at the time it meant i could get a mortgage in my name. so i did this as a favour to them. now that i have moved out i need to change the ownership over to one of their names. how do i go about doing this?
2006-10-29 01:25:38 · 5 answers · asked by MUHAMMAD R 2 in Politics & Government ➔ Law & Ethics
consult with your lawyer
2006-10-29 01:32:57 · answer #1 · answered by Rim 6 · 1⤊ 0⤋
Before doing anything, you should consult a local attorney and any legal an tax consequences. You could sign and record a deed transferring title, but you would still be responsible for the mortgage and the mortgage would still be on your credit. They should obtain their own financing and buy the house from you.
2006-10-29 01:38:43 · answer #2 · answered by Carl 7 · 1⤊ 0⤋
You can enter into an agreement of sale with them and then provide them with a deed to record with the recording office. Ideally, they should take out a new mortgage and pay off your mortgage at closing. If they do not, you will still be on the hook if they fail to pay, and the house of course, remains subject to the lien.
2006-10-29 01:35:10 · answer #3 · answered by Tara P 5 · 0⤊ 0⤋
you will locate the ideal answer for you at: SALESQUOTES.information- RE Can a proprietor of a house provide possession of there residing house to somebody else after which declare financial disaster? Can a proprietor of a house provide possession of there residing house to somebody else after which declare financial disaster on $100k through mounting medical expenses with out dropping the residing house? if so how quickly after changing possession can this be performed?
2016-12-28 07:37:54 · answer #4 · answered by ? 3 · 0⤊ 0⤋
They need to buy it from you, they need to get a mortage in thier name and pay off your mortage
2006-10-29 01:27:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋