What is the name of your state? FL
My father is gifting an acre to my husband and I , he has a mortgage on 5 acres, he is getting it refinanced to show 4 acres with his home, which is well worth way more than his mortgage amount. To give us the acre, he is telling us that the mortgage company wants to handle the closing on the acre and do a title search, etc and then finally put the acre in our name..now my question is why do they need to do all this? Is it legal for my father to quit claim the acre to himself, after refinancing the four acres, leaving the one acre free and clear, than we all go down to the county and he quit claims the one acre over to us? is it necessary to do title searches etc..he has owned the land for nearly 20 years..he had it refinanced once before to pay off some credit debt...one he refinances the mortgage, can't he just quit claim it over to us without his mortgage company getting involved in our acre and wnating all these extra fees? thank you for any responses.
My father is gifting an acre to my husband and I , he has a mortgage on 5 acres, he is getting it refinanced to show 4 acres with his home, which is well worth way more than his mortgage amount. To give us the acre, he is telling us that the mortgage company wants to handle the closing on the acre and do a title search, etc and then finally put the acre in our name..now my question is why do they need to do all this? Is it legal for my father to quit claim the acre to himself, after refinancing the four acres, leaving the one acre free and clear, than we all go down to the county and he quit claims the one acre over to us? is it necessary to do title searches etc..he has owned the land for nearly 20 years..he had it refinanced once before to pay off some credit debt...one he refinances the mortgage, can't he just quit claim it over to us without his mortgage company getting involved in our acre and wnating all these extra fees? thank you for any responses.