QUESTION
How to add names to an exzisting title of property
Asked on Jan 19th, 2015 on Residential Real Estate - Colorado
More details to this question:
My siblings and I owned a cabin together free and clear. They wanted out so our friends bought in, We are 50/50. They have a load on the cabin. Thier mortgage co frowned on someone else owning a portion so we were advised to sign it over to them (because we trust them 100 percent) so they could get the loan, then were advised after to file a quick claim deed to put us back on. How involved is this?
1 ANSWER
3 Awards
A Quit Claim Deed is fairly simple. However, this is a legal document and you likely have a significant amount of equity in that cabin. Also, the lender may not allow the property to transfer via Quit Claim Deed without calling the loan due.
But, if the property is not in your name you need to take action soon as it appears you have no ownership interest remaining!
Answered on Jan 19th, 2015 at 12:28 PM
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