Help! How to transfer title (&mortgage) to another family memeber

[aruray]

What is the name of your state? NJ

We live in a multi family house. My parents own the house, me and my sister as 'renters'. My parents want to transfer the house to my sister and I. Is it possible to do a plain transfer of title? A loan officer had advised to do a sell and purchase. We would opt to do whats economical of course. My parents dont really care to make a profit out of the house. Whats the best thing to do?

 

[Ratmann1]

What is the name of your state? NJ

We live in a multi family house. My parents own the house, me and my sister as 'renters'. My parents want to transfer the house to my sister and I. Is it possible to do a plain transfer of title? A loan officer had advised to do a sell and purchase. We would opt to do whats economical of course. My parents dont really care to make a profit out of the house. Whats the best thing to do?

My Response: You can do a transfer of title via a quitclaim or grant deed and record it to your local county recorders office. However it would not be insured, this would not be an insured transaction therefore you would be in breach of contract with whomever the mortgage holding lender is. My recommendation is to assume the 1st (and if applicable any existing 2nd) mortgage and do an insured title Trasfer through a reputable third party escrow. Or as has already been recommended, do a sale purchase transaction using a title and escrow company to make sure it is done properly and with title insurance. if your parents own the home outright ( No Liens) then you can hire a title/escrow company to handle the change of title for you. be advised though - any transfer of titl on real estate is applicable to possible title transfer fees.. Good Luck to you..

Rick in California

 

[pojo2]

Simple if the loan is actually assumable, if not then you will need to finance in the new owner's names.