Moms Wants To Quickdeed House To Me?

[JENNYCOX]

MY MOM AND MY STEPDAD BUILT THIS HOUSE 5 YRS AGO AND JUST REFINANCED IN NOV. TO A 15YR LOAN. MY STEPDAD DIED IN JAN. AND MY MOM NOLONGER WANTS TO LIVE IN THIS HOUSE.SO WE AGREED THAT I WOULD BUY IT FROM HER, BUT MY CREDIT ISNT THE BEST,SO SOMEONE SUGGESTED TO DO A QUICK DEED.I HAVE NO IDEA HOW TO GO ABOUT DOING THIS. AND I ALSO HEARD THAT I WOULD HAVE TO PAY DOC STAMPS(WHAT IS THAT?)DO HAVE TO? AND DO I HAVE TO TRANSFER OVER TITLE OR INSURANCE? WE ARE LOOKING FOR THE LEAST EXPENSIVE WAY TO DO THIS, AND LEGAL TO GET IT INTO MY NAME. PLEASE SOMEONE GUIDE ME. I HAVE NO CLUE IM IN FLORIDA

 

[clowder]

hi jenny

I'm in california and not familiar with florida law but i'll tell you how it works here. what you are referring to is called a Quit Claim deed. What it does is transfer title only, not encumbrances (debts). In other words, your mother could transfer ownership of the house to you but she would still be responsible for the mortgage. You could of course make those payments, but if something happened to you she would owe the bank but would have NO claim on the property itself. In addition, the mortgagor (bank) could have a clause in their note that states that if title to the property is transferred they can call the note due and payable immediately.

alternatively, you might consider what is called All-Inclusive or Wrap-Around loan. With these instruments, your mother would retain title, but act as the 'bank'. You would make your payments to her, she pays the mortgage company, and when the mortgage is paid in full she transfers title to you. In any even, your best option is to consult with a real estate attorney to learn what options are available in your state and which is the best course of action.

good luck!
lenette