viviana2003
Junior Member
Transfer ownership son to parent of Condo - How to?
What is the name of your state?
Arizona
Son is in prison; owns small condo - has $21,000 interest only loan only left to pay. His girlfriend skipped out and left parents with late payments on loan. With son's permission, parents want to take ownership and buy out that loan. Parents can get a loan for $25,000 stating condo is valued at $36,000. Can son quit-claim the property to a parent or is a warranty deed better? We can send him the appropriate forms to sign but paperwork will be slow getting back. Or can the parent with Power of Attorney sign in his behalf and list other parent as owner? If son signs quitclaim, is that all the paperwork needed? We are all confused as to what the best procedure and paperwork needed in order to make a simple transfer of the property.
What is the name of your state?
Arizona
Son is in prison; owns small condo - has $21,000 interest only loan only left to pay. His girlfriend skipped out and left parents with late payments on loan. With son's permission, parents want to take ownership and buy out that loan. Parents can get a loan for $25,000 stating condo is valued at $36,000. Can son quit-claim the property to a parent or is a warranty deed better? We can send him the appropriate forms to sign but paperwork will be slow getting back. Or can the parent with Power of Attorney sign in his behalf and list other parent as owner? If son signs quitclaim, is that all the paperwork needed? We are all confused as to what the best procedure and paperwork needed in order to make a simple transfer of the property.
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