QUESTION
How can we transfer the title of a House we are buying?
Asked on Oct 26th, 2022 on Real Estate - North Carolina
More details to this question:
My mom and and my step father are buying a house with a Mortgage which is under their name. They want to buy the house for me, i.e., putting the title under my name. However the mortgage will be closed with their names. How can thisbe done? Kindly advise at your earliest convenience. Thanks
1 ANSWER
4 Awards
The mortgage company will not approve the loan unless they have ownership interest in the property. They can give you a partial interest, or they can give you a life estate with right of survivorship. Your parents need to ahve a consultation with a local real estate and/or estate planning attorney for specific advice concerning their financial situation and yours to determine what the best method will be.
Answered on Oct 27th, 2022 at 5:41 AM
This is general legal advice only. You do not have an attorney-client relationship with Attorney Lynn E. Coleman without a signed retainer agreement and payment of any applicable fees.