Quick Claim Deed?

Comments(6)

• 
  jfoley20th May, 2004

  Are you refering to quit-claim deed. If you obtain conventional financing, there will always be closing costs involved. However, your father-in-law could give you concessions in the sale to cover 2-6% of non-reoccuring closing costs.
  The quit-claim deed will work to get him off title and place you and your wife on title. However, the loan will still be in his name until you refinance into yours.
  Best route of action: have your wife put on title with her father. Refinance the loan into yours and hers name, thus placing you on title as well. Father will then quit-claim off title. There still will be closing costs but this will come from equity in the property, given that there is equity in the property.

• 
  Avoman20th May, 2004

  Thanks for responding. What are the "concessions" you are refering to? Also, wouldn't her Father have to do the quit claim before I can try to refinance. My future wifes credit isn't so hot while mine is excellent; will that make a difference in her getting her name on the title?

• 
  perfecto20th May, 2004

  Why not have your father-in-law-to-be just carry back the financing?
  
  Entirely private.

• 
  Avoman20th May, 2004

  What does "carry back" the loan mean?

• 
  tinman175520th May, 2004

  If you are renting the house. Or living in the house, you would be getting a gift of equity. Your loan would be based off of the appraised value. The transfer would be a gift and should be $1.00 Father to Daughter.
  
  You will always have closing costs.
  
  
  Lori
  [addsig]

• 
  tinman175520th May, 2004

  If you have lived in the house with proof. the bank will consider a gift of equity. I received your PM you should call whoever is doing your loan. They should know how to do this and should have told you of this option. Since you are renting you can show cancelled checks and use the appraised value
  
  Lori
  [addsig]