ownership transfer

[iamhannibal]

What is the name of your state?What is the name of your state? NY

Is there a way that a child can transfer a house to a parent for what the child paid for it or is this considered a sale and one has to go through the ordinary complicated procedure?

Thankyou

 

[Samm1970]

You could execute a quit claim deed or state equivalent. If there's a mortgage on the home, this is not the adviseable way to do it as this action would trigger the due-on-sale clause.

If there is a mortgage you could draw up a purchase agreement, for the value of the home and gift the difference of value and actual consideration to your child. In other words, the downpayment would come from you out of your proceeds at closing. Contact a reputeable lender and a real estate attorney for all the specifics.

 

[iamhannibal]

I am sorry but I do not understand. If there is a mortgage, doesn't the mortgage have to be satisfied before the house is sold? What I am asking is there a way to transfer ownership without having to go through a formal closing?

If the mortgage is not assumable, can the child retain the mortgage in his name and continue to pay it although the actual ownership now is in the parents name?...or is this becoming very complicated?

 

[HomeGuru]

I am sorry but I do not understand. If there is a mortgage, doesn't the mortgage have to be satisfied before the house is sold? What I am asking is there a way to transfer ownership without having to go through a formal closing?

If the mortgage is not assumable, can the child retain the mortgage in his name and continue to pay it although the actual ownership now is in the parents name?...or is this becoming very complicated?

**A: you are way out in left field. Hire an attorney.